Tiger Global-backed edtech unicorn Vedantu has laid off 200 employees nearly seven months after entering the unicorn club.
With that, the company joins more than half a dozen growth-stage startups that have recently laid off a significant portion of their workforce.
“We have over 6000 employees out of which ~120 contractors and 80 full-time or 3.5% of the total strength, are academics or assistant teachers were being reevaluated. We have an annual contract with them, and at the beginning of every academic year, we follow a process of load rebalancing where we rejig pertaining to these roles, based on our growth expectations…,” said, Vedantu’s spokesperson in a statement.
According to the spokesperson, it is also hiring over 1,000 employees in different teams, including more than 100 for similar positions.
While the company has retained a part of its revaluation, several employees have claimed that the company has given them pink slips without any prior notice.
Vedantu was the third edtech startup to enter the unicorn club in 2021 with Eruditus and UpGrade.
Founded in 2014 by Vamsi Krishna, Pulkit Jain, Saurabh Saxena, and Anand Prakash, the Bengaluru-based Vedantu is one of India’s leading edtech companies, which conducts Live Classes where a student interacts with the teacher in real-time.
It offers tuition courses to young students in the age group of 3 years to 18 years as well as preparation for competitive examinations of state exams like IIT-JEE, NEET, Commerce, CBSE, ICSE and Maharashtra Board.
Vedantu catered to over two lakh paying students last year, which is 300 percent more than the previous year.
Recently The Online learning platform Vedantu launched an immersive live platform W.A.V.E 2.0 (Whiteboard Audio Video Environment) to set new standards for online classes.
When it comes to layoffs in the ecosystem, many growth and latecomers have laid off their employees to extend their runway and conserve cash as the funding environment deteriorates.
Vedantu is a LIVE online learning platform that brings together students and teachers to achieve the best results. On it, students can pick from a pool of India’s best teachers and learn from them via LIVE interactive classes.
With its superior learning platform, Vedantu ensures that students can get their doubts solved instantly, take part in quizzes & activities, and have a personalized learning experience from India’s best teachers. By making LIVE learning engaging and fun, Vedantu students consistently perform well and produce great results!