Edtech Unicorn Vedantu Lays Off 200 Employees To Slash Costs
About 120 out of 200 of these employees were on contract while 80 were full-time employees, according to the sources
Edtech unicorn Vedantu has laid off almost 200 contractual and full-time employees, becoming the latest startup to cut staff in an attempt to reduce costs amid tightening in late-stage funding.
About 120 of these employees were on contract while 80 were full-time employees, according to the sources. Almost all were from the company’s academic teams, working as assistant teachers.
The company has been focusing on slashing the cost of its courses to manage the tapering demand for online education as offline learning centres reopen. It is also leveraging technology to reduce overall costs, which is also one of the reasons for the restructuring exercise, the company said.
“With more technology intervention, restructuring of the class format, and changes in categories, we review the roles of our academics and assistant teachers. As we synchronise our growth goals for this year, we are also hiring more than 1,000 employees in various teams, including more than 100 for similar positions,” the spokesperson added.
