Ed-tech platform Vedantu on May 18 laid off as many as 424 employees. In a blog post shared by Vamsi Krishna, CEO and Co-founder of Vedantu, stated that this is a one-time activity with no such further cycles planned by the organization.
“There is no easy way to say this – out of 5900 Vedans, 424 of our fellow teammates i.e ~7% of our company, will be parting with us. This has been an extremely difficult call to make, and I want each Vedan to understand why V had to take this call and what it means to you and the future of Vedantu,” Khanna said.
“Currently, the external environment is tough. War in Europe, impending recession fears, and Fed rate interest hikes have led to inflationary pressures with massive correction in stocks globally and in India as well. Given this environment, capital will be scarce for upcoming quarters,” Khanna said in the explanatory post.
A fortnight ago, Vedantu had laid off around 200 of its employees. Several edtech start-ups including Unacademy, Byjus and Meesho in the few months have laid off employees citing the volatility in the market.