Troubled Indian startup Byju’s has cut down on its office spaces in Bengaluru, two sources told Reuters on Monday, as the company tries to cut costs and ramp-up liquidity.
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 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.
Both sources requested anonymity since they are not authorised to speak to the media.
Byju’s has over 3 million square feet of rented office spaces across the country.
News website, Moneycontrol, had earlier reported that the company has given up two out of its nine floors at a third location.
“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,” a Byju’s spokesperson told Reuters in an emailed response.
© Thomson Reuters 2023
