Vedantu reportedly fires 385 employees
By MYBRANDBOOK
Tiger Global-backed edtech unicorn Vedantu has reportedly laid off another 385 employees in a cost-cutting initiative, prioritising profitability over growth.
With this, the company has now fired more than 1,000 employees this year. While employees from across various departments have been laid off, learning content, HR and sales enablement teams are the most affected teams.
The firm is offering extended health benefits for self and family and other benefits to the laid-off employees. They may also receive voluntary outplacement service support. After this round of layoff, Vedantu now has around 3,300 employees.
Vedantu has been hit by slowing growth in the core online learning vertical, causing the company to let go of the staff. In May, Vedantu laid off over 620 employees, followed by another round of layoffs in August. The company laid off 100 full-time employees then.
In October this year, Vedantu bought a majority stake in Deeksha (Ace Creative Learning) for $40 million. Deeksha is a leading test preparation platform in Karnataka for board and competitive exam coaching for students of Classes XI and XII.
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