After terminating thousands of employees over the past few months, the Indian ed-tech company Byju’s has begun to leave one of its largest office buildings in Bengaluru. Moneycontrol reports that the ed-tech company is giving up the 5.58 lakh square foot facility in Kalyani Tech Park to reduce costs and maintain liquidity during funding delays.
From July 23 onward, Byju’s has requested that workers work from its other locations or their residences. The story was released a few days after a video of a Byju’s employee yelling at seniors for their delayed bonuses went viral online.
Byju’s employee harassment. I don’t know if this is the right place to post this content but I’m just trying to spread awareness.
by u/v4nshh in delhi
Responding to queries, a spokesperson told Moneycontrol, “Byju’s has over 3 million square feet of rented spaces across the country to support its requirements. Expansion and reduction in office space are based on changes in working policies and business priorities which are very regular and are aimed at boosting operational efficiencies.”
Also Read: BYJU’S: The Rise And Decline Of The Ed-Tech Behemoth
Security staff at the Kalyani Tech Park headquarters are cited in the paper as saying that the company has given up most of the spaces and would do so by the end of August. Byju’s choice to vacate important office buildings may be significant for the company’s cost-cutting strategies facing a heavy financial strain. Over 5,000 employees have been laid off by Byju’s in the previous nine months, according to a layoff tracker (Layoff FYI).
Byju Raveendran
Image Source: The Week
The Employees Provident Fund Organisation (EPFO) was looking into the business last month due to non-payment of PF dues. Around that time, the company also let go of some 1,000 employees in the sales and marketing departments. Employees at the organisation told India Today Tech that they were being forced to choose voluntary resignation in exchange for a lavish exit payment. Several engineering team members were promised retention bonuses, but those payments never materialised, a source told India Today Tech.
After conducting searches and seizures at three of its Bengaluru locations, the ED is investigating the ed-tech company. This resulted from a complaint made under the provisions of the Foreign Exchange Management Act (FEMA) against Byju Raveendaran and his company, “Think & Learn Private Limited,” which is Byju’s parent company.
