Byju’s crisis: Vacates one of the biggest offices in Bengaluru to save costs

After laying off thousands of employees in the last several months, Indian ed-tech firm, Byju's has started vacating one of its biggest office spaces in Bengaluru.

According to Moneycontrol, the ed-tech firm is giving up the 5.58 lakh square feet property in Kalyani Tech Park to save costs and shore up liquidity amid delayed funding.

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According to reports, the move reportedly saves BYJU’S around INR 3 Cr in monthly rent and points to the scale of the financial stress the edtech finds itself under. Byju's has asked employees to work from its other facilities or homes from July 23 onwards.

Byju's crisis

Last month, the company was also under the scanner of the Employees Provident Fund Organisation (EPFO) over non-payment of PF dues. It was also around the time when the company laid off around 1,000 workers from sales and marketing teams.

The ed-tech company is also facing heat from the ED after the agency conducted searches and seizures at three of its premises in Bengaluru. This was a result of a case lodged against Byju Raveendaran and his company 'Think & Learn Private Limited' – the parent firm of Byju's – under the provisions of the Foreign Exchange Management Act (FEMA).