Byju's Vacates Bangalore Office Space To Cut Cost: Report Reportedly, the move is expected to save the company at least INR 3 crore in monthly rent

Indian edtech startup Byju's has cut down on its largest office space in Bengaluru's Kalyani Tech Park, according to a Reuters report citing two sources, as the company tries to cut costs and ramp-up liquidity. It said that the move comes as the edtech company has already let go of thousands of employees this year, while grappling with multiple legal and financial woes.

The report said Byju's has notified its staffers to work from its other offices in the Prestige Tech Park and its main office situated on Bannerghatta Main Road or from their homes from July 23. Reportedly, the move is expected to save the company at least INR 3 crore in monthly rent.

The startup operates out of three offices in India's IT hub of Bengaluru, of which one has been "practically vacated", one source told Reuters. The downsizing to two floors from two towers has been underway for almost a month, the source added.

Another person with direct knowledge of the matter said that of the six floors at its main corporate office, only three are operational, with the downsizing happening over the last six to eight months, as per the media reports.

A week ago, Byju's came under the lens of the corporate affairs ministry, which has asked the office of the Regional Director in Hyderabad to inspect the books of the company. An official said that further course of action will be decided after receiving the inspection report. This came after the company was scrutinized over delay in submitting financial statements and concerns over corporate governance issues.

News website, Moneycontrol, had earlier reported that the company has given up two out of its nine floors at a third location. In June, the company, which employs 50,000 people reportedly laid off nearly a thousand employees across different verticals.