Indian ed-tech firm, Byju’s has started vacating its largest office space in Bengaluru after laying off thousands of employees in the last several months. 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. Byju’s has asked employees to work from its other facilities or homes from July 23 onwards. The report comes days after a video of Byju’s employee confronting seniors over delayed incentives surfaced online.
The report citing sources adds that Byju’s has also given up two out of nine floors it had in Prestige Tech Park. Some workers from Kalyani Tech Park in the Brookfield area may start working out of Prestige Tech Park and its main office on Bannerghatta Main Road. Responding to queries, a spokesperson told Moneycontrol, “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.”
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The report also cites security personnel at the Kalyani Tech Park office, who stated that the company has vacated most of the spaces, and the remaining would be given up by August. Byju’s decision to give up key office spaces may hold significance in the company’s restructuring plans to cut costs amid a severe financial burden. According to a layoff tracker (Layoff FYI), Byju’s has let go over five thousand workers in the last nine months.
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. India Today Tech also learned from employees that the company was forcing workers to opt for voluntary resignations for an elaborate exit package. A source told India Today Tech that several employees from the engineering team were promised retention bonuses, but that never got released.
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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).
