file photoNew Delhi | Bangalore: Troubled Indian Startup byju’s has cut its office locations in Bengaluru, two sources told Reuters on Monday, as the company seeks to cut costs and increase liquidity.
The move comes after the edtech company has already laid off thousands of employees this year amid several legal and financial problems.
A source told Reuters the startup operates out of three offices in India’s IT hub Bengaluru, one of which has been “practically vacated”. The source said that the work of shortening the two towers to two floors has been going on for about a month.
Another person with direct knowledge of the matter said only three of the six floors at its main corporate office are operational, having been downsized over the past six to eight months.
Both sources requested anonymity because they are not authorized to speak to the media.
Byju’s has over 3 million sq ft of rented office space across the country.
News website Moneycontrol had earlier reported that the company had abandoned two of its nine floors with a third.
“The expansion and reduction in office space is based on changes in working policies and business priorities, which are very regular and are aimed at boosting operational efficiency,” a Byju’s spokesperson told Reuters in an emailed response.
