Edtech Unicorn LEAD carries out another round of layoffs
- ByStartupStory | January 11, 2023
LEAD, a school Edtech has carried out another round of layoffs. In August 2022, the Mumbai-based Edtech sacked about 100 employees. The sacking comes after the company reported a net loss of Rs 397.1 crore for FY22, which stretched over three-fold from the previous years.
Currently, the startup has about 2000 employees.
“If projects don’t meet success criteria or don’t fit our strategic roadmap, teams are either re-assigned or asked to seek other opportunities. This is a regular business activity and a normal churn of 1-2 percent in an organization of 2,000 people,” a LEAD spokesperson said.
In August 2022, LEAD sacked 100 employees after a performance review, which the unicorn said was a yearly exercise. Currently, the company has about 2,000 employees.
LEAD, which was founded in 2012 by Mehta and Smita Deorah, operates a platform that tracks teacher and student progress, manages school operations in the cloud, and provides digital resources to make learning more engaging. In January 2022, the company became a unicorn. The startup had recently acquired learning company Pearson’s K-12 business in India.
LEAD’s total revenue more than doubled to Rs 141.6 crore in FY22 from Rs 60.5 crore in FY21, according to the startup’s filings with the Ministry of Corporate Affairs (MCA). In FY22, the company’s revenue from operations more than doubled to Rs 133.2 crore.
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