Byju’s vacates largest office, Byju’s, India’s most valued ed tech company, has vacated its largest office space in Bengaluru, as it seeks to cut costs and shore up liquidity amid a detention in backing.
Byju’s vacates largest office, It has also given up a portion of another office space in the megacity, sources said Byju’s has three office spaces in Bengaluru, including the5.58 lakh square bases property in Kalyani Tech Park that it has vacated.
The company has asked the workers to work out of its other demesne or from their homes from July 23, at least six workers verified to Money control.
The company has also given up two out of nine bottoms it had in Prestige Tech Park, the workers said Byju’s has over 3 million square bases of rented spaces across the country to support its conditions.
Expansion and reduction in office space is grounded on changes in working programs and business precedences which is veritably regular and is aimed at boosting functional edge,” a prophet for Byju’s said The company took two structures- Magnolia and Ebony- in Kalyani Tech Park in Brookfield on parcel in June last time.
It vacated Magnolia last month, shifting the workers to Ebony. It has asked all the workers to work from Prestige Tech Park and its main office on Baneghatta Main Road, the workers told Security labor force at Kalyani Tech Park verified the development and said the company will be exit Ebony by August.
Byju’s had leased five bottoms in Magnolia and six bottoms in Ebony. According to workers and the security officers, it vacated four out of the six bottoms in Ebony last week, and will give up the rest by August Over the weekend.
Money control visited Kalyani Tech Park and the two remaining services of Byju’s- IBC Knowledge Park, Bannerghatta and Prestige Tech Park, Kadabeesanahalli- to confirm the development The company had leased these spaces with a cinch- in period of three times.
Vacating the leased office space of about 5.58 lakh sq ft, the company will save close to Rs 3 crore on yearly rent.
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