Edtech platform Vedantu has cut more than 100 jobs in a fresh round of firing. The company had recently sacked around 624 employees, as per a report by Inc42. As per the report, over a hundred employees from sales, training, among other verticals were asked to leave the company. Vedantu reportedly refused to comment when asked about the layoffs.
According to the report, the latest job cuts have been done “as part of a business restructuring process”. The edtech platform is giving the laid-off employees severance pay of two months. “Vedantu told the impacted employees that the layoffs were part of an organisational restructuring process,” the report says quoting sources.
Third round of job cuts at Vedantu
The latest firing of employees makes it the third time the company has axed jobs in 2022. According to the report, Vedantu first laid off about 200 employees in May, with “120 contractual and 80 full-time employees were asked to leave as part of a cost-cutting exercise”. Few days later, the company fired around 424 more employees. .
“The startup had around 5,900 employees in total in May. With the latest round of layoffs, the number of employees laid off by it in 2022 has increased to 724, “ as per the report.
Vedantu co-founder and CEO Vamsi Krishna said that owing to the economic downturn in 2022, the edtech platform had to do cost cutting which “primarily included cost of delivering the service (teachers and streaming costs), sales cost, and marketing costs.” He reportedly added that the number of students using the platform has dropped after the reopening of schools and colleges.