Edtech platform Vedantu has terminated jobs of 424 more employees, nearly 7 percent of its workforce, as the online education space shrinks in India, IANS reported.
“Out of 5900 Vedantu employees, 424 of our fellow teammates i.e about 7 percent of our company, will be parting with us,” said Vamsi Krishna, CEO and co-founder of Vedantu, in a blog post.
The online eduation company earlier fired 200 of its contractual and full-time employees.
Edtech platforms are seeing a significant dip in the demand for online learning and some of such firms have either shut shops or fired employees in recent days.
Krishna said the external environment is tough as the Russia-Ukraine war, impending recession fears, and Fed rate interest hikes have led to inflationary pressures with massive correction in stocks globally and in India.
“Given this environment, capital will be scarce for upcoming quarters. With Covid tailwinds receding, schools and offline models opening up, the hyper-growth of 9X, Vedantu experienced during the last 2 years will also get moderated. For the long term sustenance of the mission, V would need to adapt too,” the Vedanta CEO added.
Unacademy recently laid off nearly 600 employees, contractual workers and educators — about 10 percent of its 6,000-strong workforce across the group.
WhiteHat Jr has also shut its schools division that last year targeted to take its flagship coding curriculum to 10 lakh school students by the next academic year.
Indian edtech startup Lido Learning, which is backed by top entrepreneur Ronnie Screwvala, shut operations in February this year, impacting the jobs of nearly 1,000 employees.