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byju's

Byju’s vacates its office space in Bengaluru to save costs

byju's

Edtech company Byju’s has vacated its office space in Bengaluru citing operational efficiency. This comes at a time when the firm is in the process to cut costs amid a delay in funding.

Confirming the development to Entrackr, a Byju’s spokesperson said, “Byju’s has over 3 million square feet of rented spaces across the country to support its requirements. Expansion and reduction in office space is based on changes in working policies and business priorities which is very regular and is aimed at boosting operational efficiencies.”

Byju’s  has three office spaces in Bengaluru, including the 5.58 lakh square feet property in Kalyani Tech Park that it has vacated. Moneycontrol, which reported the development first, said that Byju’s has given up a portion of another office space in the city. The company, however, did not comment on other offices being vacated.

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Meanwhile, Byju’s has reached a preliminary agreement with lenders to renegotiate the $1.2 billion Term B loan pact, according to an ET report. This may also pave the way to end all the ongoing litigation and creditors dropping their demand for accelerated repayment.

Byju’s has already fired nearly 4,000 employees since October last year to save cost and reach profitability. While the company is yet to file its annual financial report for FY22 and FY23, the firm reported Rs 2,280 crore revenue and Rs 4,564 crore loss in FY21.

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