BYJU’S reportedly vacated its largest office space in Bengaluru as part of its cost-cutting and liquidity enhancement measures due to a funding delay. It has also relinquished a portion of another office space in the same city.
According to a report by moneycontrol.com, Byju’s has a total of three office spaces in #Bengaluru, including the 5.58 lakh square feet property in Kalyani Tech Park that has been vacated. By vacating the leased office space of about 5.58 lakh sq ft, the company is expected to save close to Rs 3 crore on monthly rent.
This move to vacate office spaces by Byju’s holds significance as it sheds light on the financial challenges faced by the country’s most-valued unicorn, which is grappling with various issues, including a tussle with lenders. Byju’s has been seeking an infusion of over $700 million in funds since the beginning of the year but has been unable to secure it.
