The ed-tech firm has shut down its several centres as part of cost optimisation measures.
Byju's, once an India's most valuable startup, has been in the financial crisis for over one year. Now, the ed-tech company has closed 30 out of its 292 tuition centres, according to an official statement, PTI reported. Edtech firm Think and Learn owns BYJU'S brand and was founded by Byju Raveendran in 2011. The company has now shut down its several centres as part of cost optimisation measures. It aims to turn most of the centres profitable in the third year of their operations, the edtech firm said.
"BYJU'S is immensely proud of the dedication of its teachers and the performance of its students. BYJU'S focus on quality with efficiency is helping most of its centres turn profitable in their third year," it said.
"Ninety per cent of its tuition centres, i.E. 262 out of 292, will continue to function in this novel hybrid model, integrating the best and the latest technology in the coming years," the company said in a statement.
BYJU'S Tuition Centres (BTCs) are entering their third successful year of full capacity operations and exceptional academic results. The edtech firm is also using premises of BTCs as sales offices. "Most of our current students have already signed up for the next academic year (2024-25) and BYJU'S thanks both the students and parents for their trust, confidence and support," the company said.
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BYJU's said that as the company strives for operational efficiency, it has identified opportunities for improvement for a small percentage of BTCs, which will undergo strategic restructuring to align with BYJU'S long-term vision.
(With inputs from PTI)
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