India
BYJU'S has reportedly vacated a 4 lakh square feet office space at Prestige Tech Park in Bengaluru to save costs.
It was paying a monthly rent of ?4 crore and had signed an agreement 3.5 years ago, Economic Times reported. S
eparately, Kalyani Developers sent legal notice to BYJU'S for defaulting on payments for office space at Bengaluru's Kalyani Tech Park.
Meanwhile, BYJU'S has also shelved its deal with football celebrity Lionel Messi, who was roped in as the inaugural global brand ambassador for its social impact arm, Education For All.
The deal, announced in November 2022 between Messi and BYJU'S, was for a period of three years, involving an annual sum estimated between $5 million and $7 million.
According to reports, BYJU'S has compensated Messi just for the inaugural year. However, the decision on whether to terminate the contract prematurely or renew it later remains uncertain due to the edtech firm's liquidity crunch and other significant concerns.
The parent company of BYJU'S, Think and Learn Pvt Ltd, is reported to have secured a $300 million commitment from investors for its ongoing rights issue.
This round of funding is expected to close by the end of February with a valuation in the range of $220 million - $250 million—a 99% reduction in its peak valuation of $22 billion.
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