VEDANTU
Edtech unicorn Lead Group appoints new CGO, CFO
While Arpit Jain will spearhead the finance and legal functions of the group, CGO Arvind Singhal will be tasked with providing a comprehensive direction to develop and implement its growth strategy to serve more schools and students across India.
Omidyar Network India to exit country, stop new investments
The fund, which has invested in the likes of healthcare platform 1mg and edtech Vedantu, among other startups, will completely transition out of the Indian market by 2024, it said in a blog post on Tuesday.
Omidyar Network to exit India; Angel funds may soon get to invest more in startups
Impact investment fund Omidyar Network India is exiting the country and will transition out of the local market by 2024. This and more in today’s ETtech Top 5.
Startups and their new normal: Funding crunch, disgruntled employees and allegations of fraud
With the global liquidity situation changing, institutional investors were no longer interested in waiting patiently for startups to go hybrid. The pressure of meeting the promised targets and churning out profits even as ground reality turned hostile led several startup founders to cut corners in recognising revenues, reporting financials or painting an all-is-well picture.
Pay hike on the cards for edtech employees after an edgy 2022
Edtech startups like Eruditus and Emeritus, Classplus, BrightCHAMPS among others are looking to reward employees through increments.
Edtech startup Vedantu's FY22 losses extend to Rs 696 crore
Total expenses, which was led by people costs, went up 19% in the reported period of FY22, at Rs 890.93 crore. People costs, a growing concern for the company over the years increased 20% to Rs 489.29 crore.
2022 Year in Review | As the pandemic bubble bursts, edtechs back in class
Edtechs are expected to move away from the K-12 business model in the coming year. They are also expected to focus on priorities such as a bigger offline play, tapping international markets with higher disposable incomes, and digitising the existing school system.
Edtech firm Vedantu cuts 385 jobs in fourth round of layoffs this year
The company had previously laid off 100-full time employees from its sales team in July and another 624 full-time and contractual employees in two batches in May.
Vedantu acquires test prep platform Deeksha for $40 million
The acquisition will give Vedantu access to almost 40 offline centres across Telangana, Andhra Pradesh and Karnataka, and to Deeksha’s 13,000 students
Vedantu lays off another 100 employees after sacking 624 in May
Interestingly, cofounder and chief executive Vamsi Krishna had said in a memo to employees on May 18 that the previous retrenchment exercise was a ‘one-time activity’, with no more layoffs expected. The memo was also published on the company’s blog.
Vedantu launches first hybrid learning centre as edtechs shed pandemic-induced growth
Vedantu’s offline learning foray is largely focused on test preparation segment as it looks to bolster its presence in the segment.
Vedantu’s consolidated net loss widens to Rs 604.28 crore in FY21
The Tiger Global-backed startup’s employee benefit expenses increased by 4.6 times to Rs 407.4 crore in FY21 against Rs 88.3 crore in FY20, , according to filings sourced from business intelligence platform Tofler.
Edtech players go hybrid as online growth slows
Companies including PhysicsWallah, Byju’s, Imarticus Learning, Cuemath, Vedantu and Unacademy are all in the process of either expanding or building an offline presence.
Edtech firm FrontRow lays off 145 employees, almost 30% of its team
FrontRow said the layoffs were undertaken to increase efficiencies and lengthen the company’s runway. The company said most of the layoffs were from the sales and business development teams.
Despite layoffs, some edtech firms still on growth chapter
UpGrad managing director Mayank Kumar said the company’s diversified model had helped it remain stable. It continues to have many open hiring positions, but intends to maintain a tight team as it pursues growth plans and continues to be cautiously optimistic.
Digital health platform Mfine lays off 500 employees
The job cut accounts for about half the workforce at Mfine that had been hiring employees until last month, according to media reports.
Startups reach out to find jobs for the laid-off
Scaler, Filo, Classplus, PhysicsWallah, BrightChamps, Teachmint, ByteLearn and Mojocare were some of those companies offering help.
Vedantu says it is laying off another 424 employees
Vedantu had earlier fired 200 of its contractual and full-time employees, amid cratering demand for online education, owing to the opening up of offline schools and institutes.
Edtech unicorn Vedantu lays off 200 employees
About 120 of these employees were on contract while 80 were full-time employees, Vedantu told ET. Almost all were from the company’s academic teams, working as assistant teachers.
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