Vedantu dismisses 200 employees
By MYBRANDBOOK
Edtech unicorn Vedantu has laid off 200 employees as part of its annual review. The Bengaluru-headquartered startup fired 120 full-time employees and 80 contractors, a 3.5 percent of its total workforce of 6,000 employees.
A company spokesperson said that this layoff was not a cost-cutting measure. The company is looking to hire in more than 1,000 roles, with around 100 in similar functions to those recently laid off.
He further said, “We have an annual contract with them, and at the beginning of every academic year, we follow a process of load rebalancing, where we rejig pertaining to these roles based on our growth expectations.”
“Reassessment cannot be done in the middle of the year as the learning experience and continuity of the teachers throughout the year is our first priority. With more technology intervention, restructuring of the class format, and changes in the categories, we relook at these roles of our academics and assistant teachers,” the spokesperson added.
So far this year, edtech unicorn Unacademy has laid off 10% of its workforce or 600 employees, while Lido Learning has laid off over 1,000 employees. The edtech sector has also got just one unicorn so far in 2022.
E-commerce company Meesho has also laid off 150 employees from its grocery business, which it recently restructured and rebranded as Meesho Superstore from Farmiso earlier. Meesho has said about 150 full-time employees will be impacted by the restructuring of Meesho Superstore, which is aimed at bringing inefficiencies.
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