Edtech firm Byju's vacates largest office space in Bengaluru

Byju's, the leading edtech startup in India, has vacated its largest office space in Bengaluru in a process to cut costs, according to a report in Moneycontrol citing different sources.
The company has taken this step due to a delay in funding.

Zeebiz.com could not independently confirm the development.

The news comes at a time when Byju's appointed upGrad's former top boss, Arjun Mohan, as its CEO for international business.

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The company has also given up a part of its other office in Bengaluru, according to the Moneycontrol report. It has vacated two out of the nine floors it occupied at Prestige Tech Park.

As per the report, Byju's, which had three office spaces in Bengaluru, including the 5.58 lakh square foot property in Kalyani Tech Park, has now vacated this particular location and asked employees to either work remotely or from its Prestige Tech Park building or its main office at the Baneghatta Main Road.

"Byju's has over 3 million square feet of rented space across the country to support its requirements. Expansion and reduction in office space are based on changes in working policies and business priorities which are very regular and are aimed at boosting operational efficiencies," a spokesperson for Byju's told Moneycontrol.

Last month too, Byju's vacated its Magnolia building and relocated its employees to the EBony building, located in Brookfield, which it leased in 2022.

Byju's restructuring loan

According to media reports, Byju's is also reworking its loan pact with lenders who jointly hold over 85 per cent of its $1.2 billion Term B loan. Byju's and the group of lenders have agreed to work collaboratively towards a signed and completed term loan amendment by August 3, 2023, the ET report said, citing sources.

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