Edtech startup Byju's rents more office space in Mumbai
With a total monthly rental of ₹3 lakh, the leased space comprises two units across two floors, showed documents accessed by real estate data portal Indextap.com. For a period of five years, Byju’s leased 1,500 sq. ft from Sunit Plastomer LLP and another from Manoj Gavlani and Kamal.
In suburban Mumbai’s Khar, both office units are located in the Glacis Tower building. The lease agreement entails a 10 per cent increase in rentals every two years until October 2026.
“Bengaluru, Mumbai and NCR have continued to command the lion’s share of office space demand. The covid-led rise in vacancy levels have been arrested as more and more corporates return to the office,” said Abhishek Kiran Gupta, CEO at CRE Matrix and IndexTap.
Earlier this year, in Bengaluru’s Outer Ring Road, Byju’s leased about 400,000 sq.ft office space from developer Prestige Group, which can house nearly 4,000 people.
The recent fund-raise of $1.2 billion in debt has pushed further Byju’s office expansion plans. The startup will use the funds for working capital ahead of a potential public listing next year and for more acquisitions. In June, at a valuation of $16.5 billion, it raised $1.5 billion from AbuDhabi sovereign fund ADQ, UBS Group and Blackstone Group.
Shelling out $2.5 billion this year alone, Byju’s has been on a buying spree and has made nine acquisitions. Edtech firms, have leased significant office spaces in 2021, both flexible and traditional, with a multi-city approach.