Edtech startup Teachmint terminates 70 employees in second round of lay-offs: Report

According to two sources with knowledge of the situation, Bengaluru-based edtech startup Teachmint has let go of nearly 70 workers in what appears to be a second round of layoffs. The startup had let go of 45 workers in December 2022, or about 5% of its workforce.

“The layoffs include almost all departments including marketing, tech, product, and operations,” said one of the sources requesting anonymity as this person isn’t allowed to speak to the media.

“Some roles have been unfortunately impacted as we work on increasing structural efficiencies in our operations. We have proactively communicated to the impacted colleagues and are working on providing them comprehensive support,” a company spokesperson said in a statement.

According to the spokesperson, affected employees receive some severance benefits, such as three months of payroll assistance, six months of continued health insurance, and access to mental health counselors.

Teachmint, which was established in May 2020, was formerly well-known for its software infrastructure that assisted educators and teachers in digitizing their classrooms. But the business changed its direction and now only provides software for schools.

Teachmint’s losses increased 25X to Rs 131 crore in the fiscal year ending March 2022, despite the fact that the company was still in the pre-revenue stage until FY22 and had only begun to generate revenue in FY23. During that time, it only generated Rs 77 lakh from operations.

Over $100 million has been raised for Teachmint in total, including a $78 million Series B round in October 2021. Fintrackr reports that the most recent valuation was close to $500 million.

Teachmint, which was established in May 2020, was formerly well-known for its software infrastructure that assisted educators and teachers in digitizing their classrooms. But the business changed its direction and now only provides software for schools.