Online education firm Byju’s has leased an office space spread across 5,701 sq ft in Mumbai’s Andheri East area for Rs 13.9 lakh per month for five years, documents accessed by CRE Matrix, a real estate data analytics firm, showed.
The transaction was executed and registered on October 13, 2021, they showed.
The company is continuing its fundraising spree. Earlier this month, it had raised Rs 2,200 crore or about $300 million from investors, valuing it at about $18 billion, regulatory filings had indicated.
The firm has leased unit No. 503 in a building called Satellite Gazebo located on Guru Hargovind Marg in Andheri East, Mumbai.
The landlord of the office space is Advanced Realty Pvt Ltd and the tenant is Think & Learn Pvt Ltd, the documents showed.Think & Learn Pvt Ltd does business as BYJU, and provides online educational services.
The office space comes with six car parkings.
The tenure of the leave and licence agreement is five years from October 13, 2021, to Oct 12, 2026.
In the first year the rent is Rs 13.9 lakh, the second year it is Rs 14.5 lakh, the rent in the third year will be Rs 15.3 lakh, in the fourth year it is expected to increase to Rs 16 lakh and in the fifth year it will be Rs 16.7 lakh, the documents showed.
There was no response from either Advanced Realty Pvt Ltd or Think & Learn Pvt Ltd.
Local brokers said that the ongoing average rentals for commercial space in Andheri East are around Rs 90 to Rs 120 per sq ft per month. However, depending on the grade of the building, occupier profile, parking availability, connectivity, and other factors, many leases are being concluded at rentals higher than the micro-market average.
The security deposit for the first three years is Rs 79.8 lakh and Rs 91.7 lakh in the following two years, the documents said.