Byju's vacates its biggest office at Kalyani Tech Park, Bengaluru: Report

By giving up the 558,000 sq ft office space, Byju's might save up to Rs 3 crore per month in rent

In a bid to save costs amid a cash crunch, edtech major Byju's has vacated its biggest office space at Kalyani Tech Park, Bengaluru, Moneycontrol reported on Monday. It has also asked its employees to work from home from July 23.

Also, the company has also given up two of its nine floors at the Prestige Tech Park.  

According to Moneycontrol, Byju's took two buildings - Magnolia and Ebony - in Kalyani Tech Park in Brookfield on lease in June last year.

It vacated Magnolia last month, shifting the employees to Ebony. It asked all the employees to work from Prestige Tech Park and its main office on Baneghatta Main Road. Now, Ebony is being vacated and it will be completed by August.

Also Read: Edtech giant Byju's to raise funds by paring stake in subsidiary Aakash

 

The report also added that by giving up the 558,000 sq ft space at Kalyani Tech Park, the company might save up to Rs three crore per month in rent.

The company has been in deep waters since its auditor, Delloite, and three investor board members resigned from their posts. The company is yet to file the financial results for 2021-22 (FY22).

In April, the company's offices were also searched by the Enforcement Directorate (ED) under the provisions of the Foreign Exchange Management Act.  

Last month, Byju's also came under the scanner of the Employees Provident Fund Organisation (EPFO) over non-payment of PF dues. Even for June, the company has paid PF only for 738 employees, despite agreeing with the EPFO to clear payments before July 15.

Also Read: Edtech major Byju's in talks with investors who quit board to reconsider
 

According to Moneycontrol, for May, the company had PF payments for close to 25,000 employees.

Last month, it laid off 1,000 employees in a cost-cutting exercise.