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Edtech firms Vedantu, LEAD School lay off 100 employees each
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IANS | 05 Aug, 2022
Layoffs at edtech platforms continue in India and now, one of the
industry leaders Vedantu has asked 100 more employees to go and LEAD
(formerly LEAD School) has also laid off a similar number of staff in
the ongoing funding winter.
Vedantu had laid off 624
employees in May that accounted for over 10 per cent of its workforce
and included permanent staff and contractual educators.
According
to sources, Vedantu will offer two-month salary as severance to the
affected staff in the new round of layoff as part of "restructuring".
Inc42 first reported on the fresh layoffs at Vedantu.
The company had nearly 5,900 employees in May. With the latest round, Vedanta has laid off 724 employees this year.
Edtech unicorn LEAD (formerly LEAD School) reduced its workforce by at least 40 per cent, according to sources.
However, the company denied that it has reduced its headcount by 40 per cent.
“The
company's total employee strength is around 2,200 and the reduction in
our workforce is less than 100 persons,” said the company.
In a
statement to IANS, the edtech company said that it concluded the
performance appraisal process last month, "and each year, we experience
some churn during this time".
"The resulting reduction in our
workforce is less than 100 persons. We would like to assure all our
stakeholders that LEAD is adequately staffed for its growth aspirations
and with schools across India now open again, we are working on bringing
innovation and transformation back to these institutions," a company
spokesperson said.
Founded in 2012 by Sumeet Mehta and Smita
Deorah, LEAD's integrated system is available to schools in more than
400 towns and cities, reaching over 1.4 million students and over 25,000
teachers.
It was valued at $1.1 billion earlier this year after raising $100 million.
To
date, more than 6,000 employees have been shown the door by the edtech
companies that include Unacademy (1,150 employees), BYJU'S (550 at Toppr
and Whitehat Jr) and Vedantu (724).
The layoffs come as the
edtech sector has been hammered by the global macroeconomic conditions
and reopening of schools, colleges and physical tuition centres.
Edtech
firm FrontRow laid off nearly 150 full-time and contractual employees
while another edtech startup Udayy, backed by Info Edge, shut shop and
fired all 100 employees.
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