Days after firing 200 contractual and full-time employees, edtech firm Vedantu has laid off 424 more people, Vedantu’s Co-founder and CEO Vamsi Krishna announced.
“There is no easy way to say this but I am truly sorry. Out of 5,900 Vedans (employees), 424 of our fellow teammates i.e about 7 per cent of our company, will be parting with us,” Krishna wrote in a blog post.
“This has been an extremely difficult call to make, and I want each Vedan to understand why V (Vedantu) had to take this call and what it means to you and the future of Vedantu,” Krishna added.
Vedantu is a pioneer in live online tutoring. In September last year, the company raised $100 million in its Series E round, from investors such as ABC World Asia, Coatue and Tiger Global, taking its valuation to over $1 billion.
Vedantu competes with the firms like Byju’s, Unacademy, Simplilearn, UpGrad and Amazon Academy.
Last month, Unacademy laid off about 600 employees comprising nearly 10 per cent of its workforce.