Ed-tech giant Byjus vacates Bengaluru offices amidst crisis and cost-cutting measures
Byjus, the ed-tech giant, is addressing its recent crisis by vacating its largest office spaces in Bengaluru, aiming to save around 3 crore rupees per month. The company has faced turmoil, including layoffs and criticism over its working culture. Byju Raveendran, the CEO, is also under scrutiny by the Enforcement Directorate for a FEMA complaint.
FollowEd-tech giant Byjus is taking significant steps to address its recent crisis by vacating its largest office space in Bengaluru, covering an area of 5.58 lakh sq feet at Kalyani tech park. The company, valued at billions of dollars, aims to save a considerable amount, approximately 3 crore rupees per month, by making this decision.
As of July 23, the employees have been directed to either work from home or utilize other facilities, as the company plans to vacate two offices in Bengaluru -- one at Kalyani Tech Park and another at Prestige Tech Park. Byjus currently occupies a total of 3 million sq ft of rented spaces across the country.
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The move is part of the company's cost-cutting strategy and efforts to enhance operational efficiencies, according to a spokesperson from Byjus, which is led by Byju Raveendran.
In the past few months, Byjus has faced considerable turmoil, including laying off more than five thousand employees over nine months, as reported by Layoff FYI.
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The company has faced criticism from both users and employees, citing concerns about its working culture and treatment of staff. Employees have expressed frustration over not receiving deserved retention bonuses and being compelled to opt for voluntary resignation in exchange for exit packages.
Additionally, the company has attracted the attention of the Enforcement Directorate (ED) due to a complaint lodged against Byju Raveendran under the Foreign Exchange Management Act (FEMA). Consequently, ED has conducted searches at the company's Bengaluru premises and seized various assets.
