Hybrid Learning: BYJU'S Revamps 30 Tuition Centres for Enhanced Educational Experience

Around 90% of BYJU'S offline tuition centers will continue to run under a hybrid model, the business announced, while the other centers will undergo restructuring.

This announcement came a day after it was reported that struggling edtech giant BYJU'S intended to close 200 of its 300 locations.

The business released a statement on Friday, March 22, saying, "In light of a few recent reports falsely suggesting the closure of many BYJU'S Tuition Centres (BTCs), BYJU'S firmly states that such an implication is entirely unfounded and misrepresents the company’s operational strategy."

90% of the offline centers—262 out of 292—will continue to operate under a hybrid model, according to the edtech behemoth.

The offline centers are about to enter their third year of operation. According to BYJU's long-term goal, the remaining portions will see a "strategic restructuring" in the interim.

BYJU'S Student Registration Peaks for the 2024-2025 Academic Year

The majority of BYJU's existing students have already registered for the upcoming academic year, which runs from 2024 to 2025, and the tuition centers are starting their third year of successful full-capacity operations.

It is relevant to remember that earlier this month, a report claimed that BYJU'S had given up all of its office space in India—except its Bengaluru headquarters—in an effort to reduce expenses.

Additionally, its tutoring centers were scheduled to begin operating remotely for an extended amount of time.

Noting that BYJU'S is now handling several court proceedings is relevant. A US bankruptcy court has ordered the arrest of a hedge fund manager who was reportedly involved in helping the edtech business conceal $533 million from its lenders for the $1.2 billion term loan B (TLB).

BYJU'S, however, stated that the judge upheld the status quo and denied the lenders' request to have the $533 million in depositions with the court.

In addition, BYJU'S is presently battling over a dozen lawsuits totaling more than $1.5 billion, ranging from challenging the Enforcement Directorate (ED) to the Board of Control for Cricket in India (BCCI).

Due to the company's continued issues, investors summoned an extraordinary general meeting (EGM) last month and approved a resolution calling for Byju Raveendran, the CEO, to be removed from his post.

BYJU'S Investor Updates

The Karnataka High Court earlier this month gave investors in BYJU'S an extension until March 28 to postpone implementing the resolutions they voted.

In related news, BYJU'S allegedly sent notice to its shareholders this week on an EGM scheduled for March 29 in order to raise its authorized share capital subsequent to its $200 million rights offering.

Almost 22 months after the year ended, BYJU'S released its FY22 financial accounts. To INR 8,245.2 Cr. in the year, its net loss increased 81% YoY. Following many rounds of layoffs that occurred last year, the corporation has also been withholding salaries recently.