CueMath, an edtech startup backed by Sequoia Capital, has cut back on staff in an effort to cut costs amid a funding crunch and deal with rising losses.
A spokesman for the business supported by Sequoia Capital India told ET that the decision has affected 100 out of 800 employees in various areas.
“Our current CEO Vivek Sunder—a phenomenal hyper-scale business operator—will transition from his full-time role to continue to work with me and the team, in an advisory capacity, on his many areas of expertise—like acquisition funnels and GTM strategies,” Khurma said in the post.
In addition, some functions and roles will also be rationalised, to reflect our increased focus on LCX and retention. While this will impact some talented people who have contributed a lot to Cuemath, we are committed to supporting our affected colleagues with everything they need to ensure a smooth transition into the next phase of their professional journey. And we are incredibly grateful to them for being part of the math mission thus far, he added.
The Bengaluru-based business raised $57 million in a round led by Alpha Wave Global in the US in June 2022, for a valuation of $407 million. Since the previous investment round in December 2020, its valuation has doubled.
Cuemath is an educational technology business that Manan Khurma founded in 2013 with a focus on maths education for K–12 children.
Their goal is to develop mathematicians who are unbeatable at solving problems and who will go on to address humanity’s most pressing issues. They are preparing for a period of expansion and are seeking enthusiastic people who will assist Cuemath in cultivating the #1BillionMathMinds.