Edtech giant Vedantu sacks 200 employees
- ByStartupStory | May 6, 2022
Edtech giant Vedantu has laid off 200 employees. This development comes almost seven months after the Tiger Global-backed company’s foray into the unicorn club. The Bengaluru-based company, with this announcement, joins over half a dozen growth-stage startups which recently fired a significant part of their workforce.
“We have more than 6000 employees out of which ~120 contractors and 80 full-time or 3.5% of the total strength, are assistant teachers or academics were being reevaluated. We have an annual contract with them, and at the beginning of every academic year, we follow a process of load rebalancing where we rejig pertaining to these roles, based on our growth expectation,” said Vedantu’s spokesperson in an official statement.
While Vedantu has maintained it’s a part of re-evaluation, several employees have also claimed that the company has served them pink slips without any prior notice.
The company’s spokesperson noted that Vedantu is also hiring more than 1,000 employees in various teams, including 100+ for similar positions.
Vedantu was the 3rd edtech startup that entered the revered unicorn club in the year 2021, along with Eruditus and UpGrad. The company’s core offering covers online classes from grade 6 to 12 along with materials from grade 1 to 12th and JEE training.
When it comes to layoffs in the startup ecosystem, many growth and late-stage companies have cut their workforce to conserve cash and extend their runway as the funding environment has turned tepid. For example, social commerce company Meesho sacked over 150 employees. Edtech unicorn Unacademy fired over 600 employees in a cost-cutting drive.Furlenco, Lido, social commerce platform Trell, bookkeeping startup OkCredit also shrunk a notable chunk of their employee base in 2022.
Follow Startup Story
Related Posts
