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Byju’s vacates its biggest office space in Bengaluru to save costs

Money Control

Money Control · 2y ago

Byju’s vacates its biggest office space in Bengaluru to save costs

Edtech company BYJU'S has vacated its largest office space in Bengaluru to cut costs. The move comes as a cost-saving measure amid changing work dynamics and to optimize expenses. BYJU'S decision to vacate its biggest office space reflects the ongoing trend of companies reassessing their office needs and expenses due to the impact of the COVID-19 pandemic. Over the weekend, Moneycontrol visited Kalyani Tech Park and the two remaining offices of Byju’s — IBC Knowledge Park, Bannerghatta and Prestige Tech Park, Kadabeesanahalli, to confirm the development.

Related News

Troubled edtech firm Byju's vacates 4 lakh sq ft office space in Bengaluru: Report

Business Today

Business Today · 1y ago

Troubled edtech firm Byju's vacates 4 lakh sq ft office space in Bengaluru: Report

Edtech company Byju's has reduced its office space in Bengaluru by terminating its lease with Prestige Tech Park. The move comes as the financially struggling company aims to cut costs. Byju's has also been facing disputes with other landlords, including a legal notice for failing to pay rent on office space at Kalyani Tech Park. The company still owns the vacant properties but is not currently utilizing them. Byju's recently received commitments of $300 million from investors for its ongoing rights issue.

Byju's vacates 4 lakh sq ft Bengaluru office space to cut costs

Economic Times

Economic Times · 1y ago

Byju's vacates 4 lakh sq ft Bengaluru office space to cut costs

Indian edtech company, Byju's, has downsized its office space in Bengaluru as part of its cost-cutting measures. It vacated a 400,000 sq ft property at Prestige Tech Park earlier this year, after terminating the rental agreement and adjusting the deposit against rent defaults. The firm is facing disputes with other landlords, including Kalyani Developers, who have sent a legal notice for defaulting on rental payments for a 500,000 sq ft office space at Kalyani Tech Park. Byju's has been struggling financially and has given up office space in other locations in the past as well.

Byju's vacates massive 4 lakh sq ft office space in Bengaluru amid ongoing financial challenges: Report

IndianStartupNews

IndianStartupNews · 1y ago

Byju's vacates massive 4 lakh sq ft office space in Bengaluru amid ongoing financial challenges: Report

Bangalore-based edtech firm Byju's has reportedly reduced its office space in an effort to cut costs amid ongoing financial challenges. The company has vacated a 400,000 sq ft property at Prestige Tech Park, with lease termination occurring earlier this year. Byju's has also received a legal notice for non-payment of rent for a 500,000 sq ft office space at Kalyani Tech Park. In addition to these moves, the company has also ceased operations at other office locations, signaling a strategic pullback from physical office space usage. Byju's parent company, Think and Learn, has received a commitment of $300m from investors amid financial troubles.

Freelancers, startups drive demand for co-working spaces in Bengaluru

Economic Times

Economic Times · 1y ago

Freelancers, startups drive demand for co-working spaces in Bengaluru

The demand for co-working spaces in Bengaluru is on the rise, with startups opting for more flexible offices to save on costs and provide networking opportunities. Co-working spaces offer startups the flexibility of leasing contracts and a variety of options, reducing initial costs associated with traditional office spaces. Bengaluru has become the top city for flexible offices in India, with 39% of operational flex space. While the demand in 2023 is slightly slower compared to 2022, there is still optimism about the demand for co-working spaces in the coming year.

Now, BYJU’S employees asked to vacate Gurugram office space

Inc42 · 1y ago

Now, BYJU’S employees asked to vacate Gurugram office space

BYJU'S employees at a co-working space in Gurugram were instructed to evacuate due to non-payment of rent. The edtech giant claims that all payments were made on time and is currently reconsidering its use of the co-working space. BYJU'S has been facing financial challenges, leading to layoffs and office closures in Bengaluru. Additionally, the company has recently received show cause notices from the Enforcement Directorate over FEMA violations. BYJU'S has also experienced delays in releasing its financial statements and has faced the departure of its auditor and board members.

Sharechat vacates their long-time Koramangala office.

Medial

Medial · 1y ago

Sharechat vacates their long-time Koramangala office.

Sharechat reportedly emptied one of its longtime office in Koramangala near Nexus mall. Pictures came out recently which showed staff moving the belongings of the office to a new location. Sharechat might be consolidating its business under a single big office at a new location. During the ongoing string of layoffs Sharechat had laid off around 600 plus employees in January 2023.

Byju's vacates offices to cut costs, shifts to remote work, says report

Livemint

Livemint · 1y ago

Byju's vacates offices to cut costs, shifts to remote work, says report

Indian edtech unicorn Byju's has vacated all its office spaces across the country, keeping only its headquarters in Bengaluru, as part of a cost-cutting measure amid ongoing financial troubles. The move comes after a dispute with investors over funds raised in a rights issue offering. Byju's has directed employees to work from home indefinitely, except for those working in tuition centres. The company has been gradually shutting down office locations as leases expire. Byju's had earlier disbursed portions of pending salaries for February using non-rights issue capital, with the remainder expected to be settled soon.

BYJU’s Trims Costs, Vacates 4 Lakh Sq Ft Bengaluru Office Space

Inc42 · 1y ago

BYJU’s Trims Costs, Vacates 4 Lakh Sq Ft Bengaluru Office Space

BYJU'S, the troubled edtech giant, has vacated a 400,000 square feet property at Prestige Tech Park in Bengaluru as part of cost-cutting measures. The rental agreement for the property was terminated earlier this year and the company is also facing disputes with other landlords. Moreover, BYJU'S is dealing with ongoing challenges such as losses, conflicts with investors, and legal disputes. The parent entity, Think and Learn, has secured a commitment of $300 million from investors for an ongoing rights issue. BYJU'S reported a net loss of INR 8,245.2 crore in FY22 due to losses from acquisitions.

Byju’s launches AI models amid financial woes; eyes cost efficiency, better outcomes

Money Control

Money Control · 2y ago

Byju’s launches AI models amid financial woes; eyes cost efficiency, better outcomes

Byju’s will also leverage these platforms to improve the teaching abilities of its tutors as the company would conduct audits of content using AI, which will lead to more efficiency, and thus Byju’s would be able to save costs on that front

Zepto finalises new Bengaluru office on the busy Sarjapur road

YourStory

YourStory · 10m ago

Zepto finalises new Bengaluru office on the busy Sarjapur road

- Zepto is finalizing a lease agreement to convert Total Mall on Sarjapur Road in Bengaluru into its office space. - Employees may face peak-hour traffic in Bengaluru due to the location of the new office. - Zepto plans to move some roles to an ad-hoc office in Bengaluru from November and aims to shift completely to the new office by February. - Sarjapur Road is home to major corporate offices of Walmart, Adobe, Rubrik, Swiggy, Flipkart, and others. - Zepto confirmed its base shift from Mumbai to Bengaluru in August, aiming to bring all business teams together under one roof. - Zepto currently has nearly 1,000 employees and plans to expand its team and operations after raising close to $1 billion in funding this year.

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