Bangalore Think & Learn Pvt Ltd, which runs EdTech Unicorn Byju’s, has leased 558,000 sq ft of office space at a software park in Bengaluru from Kalyani Developers in a major lease transaction.
Byju’s has occupied 347,000 square feet in the Kalyani Platina project, the ‘Ebony’ building in Whitefield and 211,000 square feet in the ‘Magnolia’ building in the same premises.
Edtech firm has paid the stamp duty 84.76 lakh for a property leased for a rental tenure of five years, according to documents accessed by real estate data and analytics firm Propstack.
Byju’s, India’s Most Valuable Startup, Will Pay 2.35 crore monthly rent for office space in ‘Ebonos’ and access to 463 car parks. it will pay another 58 lakhs for the space in ‘Magnolia’ with access to 282 car parks.
There will be rental escalation of 5% annually as per the lease deed.
“Bengaluru continues to lead the demand for office space in India. Byju’s transaction is further proof of how companies from different sectors like to locate their large-scale operations in the city. That said, edtech is facing something in the country and we believe similar deals will be less common in the future,” said PropStack co-founder Raja Sitaraman.
A Byju’s spokesperson did not respond to emailed questions.