Skill-Lync, an edtech startup, specializing in technical upskilling and engineering courses, has announced the downsizing of its workforce. The startup has laid off more than 200 employees. This move comes after the company has re-evaluated its business strategy amidst changing market dynamics.
While speaking to TechCrunch, Co-founder, Skill-Lync, Suryanarayanan Paneerselvam, said, “It was a strategic decision to streamline operations and limit future content and production investments.”
The report further said that the layoff has impacted 225 employees or 20 percent of the workforce.
This is the company’s second round of layoffs. Previously, in April, Skill-Lync had laid off 300 to 400 employees.
Skill-Lync has been a prominent player in the edtech sector. The startup has been providing high-quality courses in engineering disciplines such as mechanical, civil, electrical, and computer science.
After critically analyzing the financial health, the startup held an internal review meeting following which the decision to lay off employees was taken.
The edtech industry in India has witnessed rapid growth over the past few years, driven by increased demand for online learning solutions. However, changes in market trends and evolving educational requirements have pushed companies to reassess their strategies and make tough decisions to ensure long-term sustainability.
Skill-Lync remains determined to carry forward its aim of providing quality technical education. The company will now look into channeling its resources, enhancing its courses, and investing in research and development.
