One edtech company has laid off hundreds of employees. Last month, the famous edtech company Unacademy fired 10 percent of its employees, who were about 600 employees.
According to a report from Entrackr, another popular edtech store, Vedantu, has laid off about 200 employees.
“We have more than 6000 employees of which 120 contractors and 80 full-time employees or 3.5% of the total capacity, who are academics or assistant teachers were re-evaluated.
We have an annual contract with them, and at the beginning of each academic year, we are following a re-evaluation process where we work again on these roles, based on our growth expectations, ”a company spokesman said in a statement.
The spokesman also said Vedantu was looking to employ more than 1000 employees in various departments, including more than 100 in the same positions.
Although Vedantu says the program is part of a re-evaluation, many employees claim the company has given them red leaflets without prior notice.
Several other companies such as Unacademy, Meesho, Trell, among others have also recently reduced their workforce, possibly to increase their lane and save money.
Unacademy last month laid off about 600 workers due to unemployment and retrenchment, the company said. Commenting on the matter, a spokesman for Unacademy said, “based on the results of several assessments, a small percentage of staff, contractors, and teachers’ roles were re-evaluated due to the need for role and function, as is the norm in any organization like us and scale. ”
“Many of the roles played have been the result of that process, as well as the efficiency we aim to carry out in the wider business. We have discussed and parted with the identified people, in line with their contracts,” the spokesman said.
The popular e-commerce platform has also recently fired more than 150 employees from its grocery business with a cost-cutting drive.
In addition, another edtech company Lido, the Trell trading platform and start-up library OkCredit have determined a large portion of their employees this year. Back in March, the first furniture rental company Furlenco again fired 180 workers.
