Troubled edtech giant Byju’s employees were reportedly asked to leave their office space at Incuspaze co-working space in Gurugram on November 21.
According to a Financial Express report, The action was taken due to alleged non-payment of rent. The Gurugram office, mainly housing the startup’s technology teams, became the center of this recent issue.
What was Byju’s response?
In response to the eviction, a Byju’s spokesperson denied the claims of rent non-payment, stating that all dues were cleared on time. The spokesperson mentioned that BYJU’S is reconsidering its need for the co-working space and negotiating a notice period, leading to a dispute.
This incident is part of a series of financial challenges for BYJU’S, including laying off around 600 employees from content and marketing teams and vacating multiple offices in Bengaluru to save costs.
Legal and financial crises
The edtech giant is currently embroiled in multiple legal and financial issues. The Enforcement Directorate (ED) issued a show-cause notice to the company and its CEO, Byju Raveendran, for alleged foreign exchange violations amounting to Rs 9,362.35 crore.
The company, however, has denied these allegations. Earlier, It faced delays in filing its FY21 financial results and reported significant losses.
The ongoing crises have significantly impacted BYJU’S employees. In addition to the recent eviction from the Gurugram office, the company has closed several other offices and laid off thousands of employees.
Byju’s faces a tumultuous future with its financial and legal troubles. The company’s restructuring of loan obligations, the resignation of board members and its auditor, Deloitte, and the ongoing disputes with lenders and authorities paint a picture of a company in crisis.
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