Edtech firm Byju’s announced on Tuesday that it has initiated batches for the 2024-25 academic session across their 240 tuition centers.
Byju’s Tuition Centres (BTCs), operated by Byju’s, provide classroom-based program tailored for K-12 students.
Reduced annual fee
For the ongoing academic year, the firm has reduced the annual fee for BTCs to only Rs 36,000.
Over the past two months, the company has witnessed significant interest in teaching positions, with nearly 1200 applications received per day.
On May 19, Byju’s Founder and CEO, Byju Raveendran, spoke to the heads of the tuition centres, encouraging them to view their roles differently. He emphasised, “Consider yourselves as part-owners of these centres, not merely managers.”
Under this model, heads will be entitled to a portion of the profits generated by their center’s activities, as long as they meet the required benchmarks for admissions and maintain quality standards over the course of a year.
“We have invested crores of rupees in each centre. 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,” Raveendran added.
Amidst a dire liquidity crisis, the company successfully disbursed full salaries to its employees for the month of April, with the exception of the sales staff. However, outstanding payments for the remaining portion of salaries from February and March are yet to be fulfilled.
Previously, the company had sought approval from the National Company Law Tribunal (NCLT) to utilize funds from a $200 million Rights Issue for settling overdue salaries, regulatory obligations, and vendor dues. However, as of now, the court has not granted any reprieve, and the case is scheduled for hearing on June 6, 2024