Large office space is leased by Byju’s in Bengaluru Tech Park

According to papers discovered by real estate data and analytics company Propstack, the edtech company paid stamp duty of 84.76 lakh rupees for the rented facility, for a five-year rental tenure.

In a significant lease deal in the southern city, Think and Learn Pvt Ltd, the company that owns edtech unicorn Byju’s, has leased 5.58 lakh square feet of office space at a software park in suburban Bengaluru from Kalyani Tech Park Pvt Ltd.

At the “Kalyani Platina” project in Whitefield, Byju’s has occupied 3.47 lakh square feet in the “Ebony” building and an additional 2.11 lakh square feet in the “Magnolia” building.

According to papers discovered by real estate data and analytics company Propstack, the edtech company paid stamp duty of 84.76 lakh rupees for the rented facility, which has a five-year leasing term.

Byju’s would have access to 463 parking spaces and pay a monthly fee of about 2.35 crore for the office space in “Ebony.” For the area at “Magnolia,” with access to 282 parking spaces, it would pay an additional 58 lakh rupees in rent. The annual rental escalation would be 5%, as stated in the lease document.

Whitefield, renowned for its expansive office parks and residential enclaves, is home to the 22-acre Kalyani Platina IT park, which has a built-up area of 1.8 million square feet. Seven commercial structures make up the project.

Byju’s, the most valuable startup in India, is planning an initial public offering and just received $800 million, valuing the company at $22 billion. Last year, it acquired nearly nine companies, including the upskilling portal Great Learning and the exam preparation site Toppr.

“Bengaluru continues to lead the demand for office space in India. The Byju’s transaction is yet another proof of how companies from different sectors prefer to locate their large-scale operations in the city. That said, edtech is currently facing some challenges in the country and we believe that similar deals will be less common in future,” said Raja Seetharaman, co-founder of Propstack.

Email inquiries were not answered by a Byju’s spokeswoman.

According to property advisory Colliers, unicorns, or businesses valued at $1 billion or more, are anticipated to occupy around 14 million square feet of office space by 2024, a two-fold increase from the current level. Large offices that unicorns are likely to lease in the important marketplaces of Bengaluru and Delhi-NCR would be the driving force behind this. In the top six cities between 2022 and 2024, these businesses are projected to lease an average of nearly 2.7 million square feet of office space yearly, a three-fold increase from the previous three years.

Over the past year, Byju’s has progressively increased the size of its office footprint in both Bengaluru and Mumbai, the world’s financial centre. It has also leased office space in other micro-markets.

It leased 43,550 square feet from Krishna Developers Pvt Ltd at the corporate centre office building on Andheri-Kurla Road in suburban Mumbai.

It has signed a five-year lease for a 9,500 square foot office at a “Satellite Gazebo” in Andheri, where it will be paying an annual rental of 1.67 crore. It rented roughly 3,000 square feet in the Glacis Tower building in Khar, a suburb of Mumbai, last year. Additionally, it leased 400,000 square feet of office space in 2021 from a developer on Bengaluru’s Outer Ring Road that can accommodate close to 4,000 workers.