Edtech firm Vedantu lays off 424 more employees


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. 

Close Story

Source link

See also  Bitcoin set for record losing streak as 'stablecoin' collapse crushes crypto