Edtech unicorn Vedantu lays off about 385 employees: Report
- ByStartupStory | December 7, 2022
Vedantu, an India-based edtech startup, has laid off 385 employees as it prioritizes profitability over growth. Entrackr was the first to report the layoff. The retrenchment was implemented across verticals, but HR, learning, and content were the most affected, said the source.
Including the fresh round of layoffs, the Tiger Global-backed unicorn has fired over 1,000 employees in total this year, the person added. The news comes on the heels of Vedantu’s purchase of a majority stake in Deeksha, a local test preparation platform, for US$40 million.
Vedantu offers tutoring courses to students aged between 3 and 18 as well as preparation modules for competitive exams. It had secured US$100 million at a valuation of over US$1 billion in its series E round in September 2021.
Byju’s, Unacademy, and other top Indian edtech companies have laid off hundreds of employees this year amid an economic slowdown. The edtech companies have carried out massive layoffs as the sector took a hit after schools and different educational institutions started opening.
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