Bengaluru: After making news of massive layoffs in Kerala and Karnataka, Bengaluru-based Edtech giant BYJU’s has started vacating one of its biggest office spaces in Bengaluru.
As per a recent report published in Moneycontrol, the company is giving up the 5.58 lakh square feet property in Kalyani Tech Park to save costs and shore up liquidity amid delayed funding. As a part of the procedure, BYJU’s has asked employees to work from its other facilities or homes from July 23 onwards.
“BYJU’s has over 3 million square feet of rented spaces across the country to support its requirements. Expansion and reduction in office space are based on changes in working policies and business priorities and operational efficiencies,” said BYJU’s spokesperson quoted by Moneycontrol.
BYJU’s is expected to save around Rs 3 crores on monthly rent by giving up on the office spaces. Hence the decision to give up key office spaces may hold significance in the company’s restructuring plans to cut costs amid a severe financial burden.
