India’s most valued edtech company Byju’s, has vacated its largest office space in Bengaluru to cut costs and shore up liquidity amid a delay in funding.

The edtech company has three office spaces in Bengaluru, which includes the 5.58 lakh square feet property in Kalyani Tech Park that was vacated. The company has asked its employees to work from its other premises or their homes from July 23.

The company has also vacated two of the nine floors in Prestige Tech Park.

Byju’s has over 3 million square feet of rented space nationwide.

The company occupied two buildings (Magnolia and Ebony) in Kalyani Tech Park in Brookfield on lease in June last year. It vacated Magnolia the previous month and has shifted its employees to Ebony.

Byju’s had leased five floors in Magnolia and six floors in Ebony. The company vacated four of the six floors in Ebony last week and will vacate the rest by August.

By vacating the leased office space of about 5.58 lakh square feet, the company will save nearly Rs 3 crore on monthly rent.

Byju’s move to vacate office spaces highlights the financial stress the company is under. Byju’s has been looking out for over $700 million fund infusion since the beginning of the year, but the company has yet to be able to close the deal.

Before this, Byju’s has come under the radar of the Employee Provident Fund Organisation (EPFO) for the non-payment of its Provident Fund (PF) dues. The company has only paid PF for 738 employees for June, despite agreeing with the EPFO to clear dues before July 15.

In another cost-cutting initiative, Byju’s laid off over 1,000 employees last month.

The Enforcement Directorate also searched the company’s Bengaluru office space in April under provisions of the Foreign Exchange Management Act. The company is yet to file audited results for FY22.

Byju’s has reported a massive loss of over 4,500 crore for FY21, while its revenue only dipped marginally.