Edtech Layoffs News Today

The layoffs will impact about 10 percent of the total workforce in the marketing and sales department of the company.

Adda247 secured $35 million last year from Google and WestBridge, but a funding winter this year appears to have caught up with the edtech startup.

It is worth noting that this would not be the first restructuring exercise at BYJU'S. Earlier this year, the edtech laid off about 1,000 employees. Late last year, the company let go of 2,500 employees.

These job cuts come at a time when the embattled edtech unicorn is grappling with a tight liquidity situation.

Cuemath had sacked about 100 employees in May to improve efficiencies amid a worsening landscape for K-12 edtech globally.

Employees were asked to resign voluntarily and were offered the salary for August and September as their final settlement, according to sources.

The edtech sector scaled record highs during the pandemic as education moved online, but has since been among the worst affected in terms of funding and layoffs, particularly in the tuition, K12 and test-prep segments.

The laptop devices are an addition to the company’s support package for the employees, who were working in various departments across the startup.

Unacademys latest round of layoffs comes just four months after the SoftBank-backed edtech laid off 350 employees or about 10 percent of its staff in November.

Byjus had in October last year sacked around 2,500 employees on the pretext of introducing cost-cutting measures and avoiding redundancies. -- aaa