hr.economictimes.indiatimes.com | www.ETHRWorld.com
Google-backed edtech platform Adda247 has laid off around 250-300 employees across verticals, media report said on Saturday.
According to Entrackr, citing sources, about 100 to 150 employees were laid off from StudyIQ, a UPSC-focused edtech platform acquired by the company for about $20 million in December 2021.
About 150 employees were laid off in major verticals, including sales and content. It is the first layoff in a few years at the company.
As per the report, the laid-off workers were asked to resign without any prior notice.
In October last year, Adda247 raised $35 million in a round led by WestBridge Capital. The round saw Google as a new investor.
The funding round also saw participation from the existing investors, including Info Edge and Asha Impact.
Founded by Anil Nagar and Saurabh Bansal in 2016, Adda247 caters to the learning needs of millions of students from tier 2 and 3 cities.
Meanwhile, edtech major Byju’s has announced to lay off 4,000-5,000 employees in a “business restructuring exercise”. The startup has eliminated more than 10,000 positions in the last two years.