Edtech giant Byju’s has vacated its largest office space in Bengaluru, as it seeks to cut costs amid a delay in securing new funding. The company had leased the 5.58 lakh square feet space in the Kalyani Tech Park in Bengaluru in 2021, but has now asked its employees to work from other premises or from home.
The move comes as Byju’s is facing a number of challenges, including a slowdown in its growth, increasing competition, and a delay in securing new funding. The company had been seeking to raise $800 million in a new round of funding, but this has been delayed due to the current market conditions.
The decision to vacate the office space is a sign that Byju’s is looking to cut costs and conserve cash. The company has also been laying off employees in recent months and has reportedly asked some of its senior executives to take pay cuts.
“We are constantly evaluating our resources and making necessary adjustments to ensure that we are best positioned for long-term growth,” said Byju’s spokesperson. “As part of this, we have decided to vacate our largest office space in Bengaluru. We are grateful to our employees for their understanding and support.”
“The decision by Byju’s to vacate its largest office space is a sign of the tough times that the edtech sector is facing,” said an analyst with a leading investment bank. “The company is facing a number of challenges, and it is clear that it is looking to cut costs and conserve cash.”
The move by Byju’s is a significant development in the edtech sector. It is a sign that the sector is still facing challenges, but it is also a sign that some companies are finding ways to adapt and survive.