Indian ed-tech firm Byju’s has vacated its largest office space in Bengaluru, as it seeks to cut costs and shore up liquidity. It has also given up a portion of another office space in the city, Moneycontrol has reported.
Byju’s has three office spaces in Bengaluru, including the 5.58 lakh square feet property in Kalyani Tech Park that it has vacated. The company has asked the employees to work out of its other premises or from their homes from July 23.
The company has also given up two out of nine floors it had in Prestige Tech Park, the employees 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 are based on changes in working policies and business priorities which are very regular and are aimed at boosting operational efficiencies,” a Byju’s spokesperson said.
Last month, Byju’s had come under the scanner of the Employees Provident Fund Organisation (EPFO) over non-payment of PF dues. Even for June, the company has paid provident fund (PF) only for 738 employees, despite agreeing with the EPFO to clear payments before July 15. For May, the company had PF payments for close to 25,000 employees, data on the official EPFO portal showed.
Byju’s also laid off over 1,000 employees last month.