Byjus had three offices in the city of Bengaluru. Of these, Byjus’ largest office building was 5.58 lakh square feet in Kalyani Tech Park. This has been completely abandoned. Also, part of the office in Prestige Tech Park was also eliminated. Out of the existing nine floors, two floors of office space have been left out. The employees who were working here have been instructed to sit and work in other offices or houses from July 23.
“Byjuseen has 30 lakh square feet of office space across the country for various purposes. Increasing or decreasing office space will be determined based on the company’s plans and policies. The business’s priority is to increase operational efficiency,” the spokesperson of Byjusin responded. The company is working under the leadership of Malayali Baiju Ravindran.
In June last year, ByJuice acquired two buildings (Magnolia, Ebony) at Kalyani Tech Park in Brookfield. The Magnolia building was vacated last month. The employees who were working here were transferred to Ebonyi. But the staff indicated that this too may be avoided by August. Byjus rented five floors in Magnolia building and six floors in Ebony. By getting rid of the 5.58 lakh square feet office space, the monthly rent will be saved by Rs 3 crore.
Employees’ Provident Fund Organization (EPFO) officials had also taken a tough stand last month following default in payment of employees’ PF contributions. This also points to the liquidity problems the company is facing for its operations. In June, the company has paid the PF contribution of only 738 employees.