Edtech startup Skill-Lync sacks close to 160 employees in a fresh round of layoffs

• ByStartupStory     |    July 14, 2023

According to a report, Skill-Lync, an edtech startup, has carried out further employee layoffs as part of its ongoing cost-cutting efforts. The Chennai-based company has reduced its workforce by approximately 20%, equivalent to around 225 employees, with the aim of streamlining operations and restricting future content and production investments. This decision comes just two months after an earlier layoff of 400 employees, as reported by TechCrunch. The recent round of job cuts was initiated by Skill-Lync at the end of the previous month.

Regarding the claim, Suryanarayanan Paneerselvam, co-founder of Skill-Lync, refuted the allegations. In a comment to TechCrunch, Paneerselvam stated that the company is processing salary payments as per the regular schedule, contrary to reports suggesting delays. 

These layoffs take place during a challenging period for many startups in the edtech industry, including unicorns valued at over $1 billion. These companies are facing mounting losses, adjusting expansion plans, and striving to reduce expenses in response to the current funding climate. In August 2021, Skill-Lync successfully raised $17.5 million in Series A funding led by Iron Pillar. The startup was also selected for Y Combinator’s 2019 winter batch and secured $150,000 from the renowned American technology startup accelerator in two funding rounds. Founded in 2018 by Paneerselvam and Sarangarajan V Iyengar, Skill-Lync focuses on enhancing the skills of engineering students to align with industry demands.

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