According to reports, the edtech firm Vedantu in India has fired 385 workers as it emphasizes profitability above expansion.
The layoff was initially announced by Entrackr.
Although the cuts were made across all business sectors, the insider claimed that HR, learning, and content were most negatively impacted.
With the most recent wave of layoffs included, the Tiger Global-backed unicorn has let go of more than 1,000 workers overall this year, the source continued.
The announcement follows Vedantu’s $40 million purchase of the majority of Deeksha, a regional test preparation site.
In addition to competitive test preparation modules, Vedantu offers tutoring programmes to pupils between the ages of 3 and 18. In September 2021, it closed its series E round with US $100 million at a valuation of over US $1 billion.
This year, hundreds of staff have been let go by Byju’s, Unacademy, and other leading Indian edtech enterprises due to the slowing economy.
