Edtech platform Lead to layoff the workforce. However, the company has also said that it will not disclose the exact numbers of layoffs.
Although according to media reports, the company will lay off nearly 80–90 employees. The layoff will be across sales, marketing, academics, and operations.
The organization was started by Sumeet Mehta and Smita Deorah with one school in 2013 with a vision to provide disruptive school Edtech solutions for all stakeholders. In 2016, they extended learning pedagogy to partner schools, allowing transforming the lives of even more students.
Most of the schools serve low-income families, and LEAD estimates it will have over 5,000 schools in April when the new session starts. LEAD School has raised a total of $166M in funding over 5 rounds.
Their latest $170 million in funding was raised in January 2022 from a Series E round at a $1.1 billion valuation and turned out to be a unicorn.
Various other Edutech companies such as WhiteHat Jr, Unacademy, and Vedantu have also laid off their employees at several intervals.
The company such as Byju has fired around 2,500 employees while Unacademy sacked more than 600 employees and Vedantu also laid off its employees in three rounds of layoffs.