Byju’s, a leading edtech firm, announced the commencement of its 2024-25 academic sessions at 240 tuition centers nationwide on Tuesday. These Byju’s Tuition Centres (BTCs) provide classroom-based programs tailored for K-12 students. The company has also reduced the annual fee for these centers to Rs 36,000 for the ongoing academic year.
The announcement comes amid significant interest in teaching positions, with Byju’s receiving nearly 1,200 applications daily over the past two months. Byju Raveendran, the Founder and CEO of Byju’s, addressed the heads of these centers on May 19, urging them to adopt a new perspective on their roles. He stated, “Consider yourselves as part-owners of these centers, not merely managers.”
Under this new model, center heads will be entitled to a share of the profits generated by their center’s activities, provided they meet the required benchmarks for admissions and maintain quality standards throughout the year. Raveendran emphasized, “We have invested crores of rupees in each center. And you get to part-own it, free of cost. There is a floor we have prepared for you. But there is no ceiling. How much you want to grow is up to you.”
Despite facing a severe liquidity crisis, Byju’s managed to disburse full salaries to its employees for April, excluding the sales staff. However, payments for the remaining portions of salaries from February and March are still pending. The company had previously sought approval from the National Company Law Tribunal (NCLT) to utilize funds from a $200 million Rights Issue to settle overdue salaries, regulatory obligations, and vendor dues. The court has not yet granted this request, with the case scheduled for a hearing on June 6, 2024.
