Byju's trims expenses, vacates largest Bengaluru office space: Report

livemint.com:

Moneycontrol citing sources, the company has also relinquished a part of another office space in the same city, according to insiders. As per the report, Byju's, which had three office spaces in Bengaluru, including the 5.58 lakh square feet property in Kalyani Tech Park, has now vacated this particular location. As of July 23, at least six employees confirmed that the company has asked its employees to either work from its other premises or work remotely from their homes.

Furthermore, Byju's has also surrendered two out of the nine floors it occupied in Prestige Tech Park, according to employees, the report further stated. Mint could not independently confirm the development. "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," a spokesperson for Byju's said. Last year in June, Byju's leased two buildings named Magnolia and Ebony in Kalyani Tech Park, located in Brookfield. However, last month, the company decided to vacate the Magnolia building and relocated its employees to the Ebony building.

According to information from employees, Byju's has now instructed all its staff to work from the Prestige Tech Park and its main office situated on Baneghatta Main Road. The company's financial struggles were further highlighted when it came under scrutiny by the Employees Provident Fund Organisation (EPFO) for non-payment of PF dues last month. This incident pointed to cash flow problems for Byju's.