Edtech unicorn Vedantu has fired around 100 of its employees in the month of July. According to a report by Inc42, the company has laid off these employees as part of the business restructuring process. Most of the employees involved in the layoffs were permanent employees of the sales and training teams. These employees have been fired by giving two months advance salary.
This recent layoff by Vedantu came as a surprise to most of the employees as they were assuming that there would be no layoffs in the company. In fact, Vedantu has laid off twice before and this is the third layoff by its side in the last three months.
According to the report, Vedantu told the fired employees that the layoffs were part of an organizational restructuring process. There was no response from Vedantu till the time of writing this news.
Vedantu had earlier laid off 200 employees in May. Vedantu later said that it had to lay off 120 of its contract employees and 80 permanent employees in an effort to cut costs. Vamsi Krishna, cofounder and CEO of Vedantu, informed about the layoffs of 424 more employees of the company in a social media post a few days later.
This was 7 per cent of Vedantu’s total workforce. In this way, Vendatu has so far laid off about 724 employees in the year 2022. Vedantu was started in the year 2011 by Vamsi Krishna, Anand Prakash and Pulkit Jain. This is a unicorn. Unicorns are those startups whose market valuation exceeds $1 billion. Vedantu provides online tutoring to students of IIT-JEE and NEET from KG to 12th standard.