Vedantu to lay off 424 employees; 3100+ Startup employees fired since Feb 2022!!
Edtech unicorn Vedantu is laying off 424 employees due to scarcity of funds amid a slowdown in global financial markets, according to its co-founder and Chief Executive Officer Vamsi Krishna.
Edtech unicorn Vedantu is backed by Tiger Global-backed company. "Currently, the external environment is tough. War in Europe, impending recession fears, and Fed rate interest hikes have led to inflationary pressures with massive correction in stocks globally and in India as well. Given this environment, capital will be scarce for upcoming quarters," Krishna told Vedantu's employees in a blog.
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Earlier in May it had laid off 200 employees. Vedantu joins edtech companies Unacademy, and Lido Learning in laying off employees.
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Published date : 18 May 2022 06:50PM