According to media reports, Adda247, an edtech platform backed by Google, recently underwent a restructuring process resulting in the unfortunate layoff of about 250 to 300 employees across various departments. StudyIQ, an UPSC-focused edtech platform acquired by Adda247 for around USD 20 million in December 2021, witnessed the departure of about 100 to 150 employees.
The layoffs affected different key verticals of the business, including sales and content, with approximately 150 employees being asked to resign without prior notice. This marks the first instance of layoffs at Adda247 in recent years.
In October last year, Adda247 secured USD 35 million in funding led by WestBridge Capital, with participation from Google, Info Edge and Asha Impact. The company, founded by Anil Nagar and Saurabh Bansal in 2016, primarily serves the learning needs of students in tier 2 and 3 cities.
Another player in the edtech landscape, Byju’s, recently announced a business restructuring exercise that will result in the layoff of 4,000 to 5,000 employees. This move comes after the elimination of over 10,000 positions by the company in the past two years.
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