- Vedantu has reportedly laid off 385 employees.
- Vedantu is conducting fourth round of layoffs this year.
- Vedantu’s current workforce stands at slightly over 3300.
The Indian ed-tech startup picture is currently facing challenges, with layoffs occurring on a regular basis. The most recent one comes from Vedantu, a well-known educational technology company. According to reports, the company has laid off 385 employees, or slightly more than 11% of its workforce, in the fourth round of layoffs this year. This brings the total number of layoffs at the ed-tech firm this year to over 1100.
As per a report coming from IANS, with the fourth round of layoffs the company’s workforce stands at slightly over 3300. Vedantu is said to be offering severance pay as well as placement opportunities to the impacted employees. In the fourth round of layoffs, employees in sales, learning content, and human resource departments have been majorly impacted, the report stated. Additionally, as a part of cost-cutting measures, the founding team, including CXOs, has taken a 50 per cent pay cut.
Overall, Vedantu laid off hundreds of employees in 2022, citing cost-cutting measures. The company laid off 424 employees in May of this year, and nearly 100 employees in August. Following all rounds of layoffs, the company’s workforce has shrunk from 5600 in May to just over 3300 now.
With thousands of layoffs occurring every other month, 2022 has been a difficult year not only for Vedantu but for the entire ed-tech startup ecosystem. This year, Indian ed-tech startups have laid off over 7000 employees.
Another popular ed-tech startup, Byju’s, recently announced plans to lay off nearly 2500 employees across departments, accounting for approximately 5% of its workforce. The company announced plans to lay off 2,500 employees over the next six months as part of its plan to optimise the company’s spending and operational costs across departments such as product, content, media, and technology. Following the announcement, Byju’s founder and CEO, Byju Raveendran, apologised in an email to all employees for firing some of them. Raveendran expressed his “sincere regret” and blamed the harsh action on the current macroeconomic conditions.
