By Anees Hussain
Edtech company Byju’s has relinquished all its office space in Kalyani Tech Park and a portion of the same in Prestige Tech Park in Bengaluru. The move comes as the startup tries to reduce costs and strengthen liquidity amid a funding delay and ongoing legal woes.
Byju’s had three office spaces in Bengaluru, including the 558,000 sq ft property in Kalyani Tech Park, which it has relinquished. It has also vacated two out of the nine floors it occupied in Prestige Tech Park. Employees working out of these spaces in Bengaluru have now been asked to work from its other premises or from their homes starting from July 23. Its office in IBC Knowledge Park, Bannerghatta, remains the only fully operational one in the city.
Two employees working for Byju’s at the relinquished spaces told FE they have been asked to work from home or relocate to other office premises. They said talks of relocation have been going on within the company over the last three-four weeks. However, employees were informally notified of the change in premises on Friday and it was made effective from Saturday.
A spokesperson for Byju’s, meanwhile, said the company’s real estate decisions are a routine part of its operational strategy. Byju’s currently utilises over 3 million sq ft of rented spaces across the country to cater to its requirements, they said. The spokesperson said adjustments in office space are driven by changes in working policies and business priorities, with the ultimate aim of enhancing operational efficiencies.