BackByju’s rents more office space in Mumbai suburb
The leased space comprises two units across two floors, with a total monthly rental of ₹3 lakh, showed documents accessed by real estate data portal Indextap.com. Byju’s leased 1,500 sq. ft from Sunit Plastomer LLP and a similar-sized unit from Kamal and Manoj Gavlani for a period of five years
PremiumThink & Learn Pvt. Ltd, which runs India’s most valuable startup Byju’s, has leased about 3,000 sq ft in Mumbai as it continues to grow its office footprint in India’s financial capital.
The leased space comprises two units across two floors, with a total monthly rental of ₹3 lakh, showed documents accessed by real estate data portal Indextap.com. Byju’s leased 1,500 sq. ft from Sunit Plastomer LLP and a similar-sized unit from Kamal and Manoj Gavlani for a period of five years.
Both office units are located in the Glacis Tower building in suburban Mumbai’s Khar.
After paying about ₹3 lakh every month till October 2023, the lease agreement entails a 10% increase in rentals every two years until October 2026.
The edtech unicorn’s deal is yet another indication that the easing of covid cases and progress on vaccinations will lead more corporates to return to brick-and-mortar offices. Byju’s recently leased 5,701 sq. ft in suburban Andheri, Mumbai, for ₹13.09 lakh a month for five years.
“Bengaluru, Mumbai and NCR have continued to command the lion’s share of office space demand. The covid-led rise in vacancy levels has been arrested as more and more corporates return to the office," said Abhishek Kiran Gupta, CEO at CRE Matrix and IndexTap.
A spokesperson for Byju’s declined to comment.
Earlier this year, Byju’s leased about 400,000 sq. ft office space in Bengaluru’s Outer Ring Road from developer Prestige Group, which can house nearly 4,000 people.
Byju’s office expansion plan has been bolstered by its recent fund-raise of $1.2 billion in debt. The startup plans to use the funds for more acquisitions and working capital ahead of a potential public listing next year, Mint reported in November. In June, it raised $1.5 billion from UBS Group, Abu Dhabi sovereign fund ADQ, and Blackstone Group, among others, at a valuation of $16.5 billion.
Byju’s has been on a buying spree and has made nine acquisitions, shelling out $2.5 billion this year alone. Edtech firms, which have hired aggressively and raised funds, have leased significant office space in 2021, both traditional and flexible workspace, with a multi-city approach.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
