Indian ed-tech startup Vedantu has reportedly laid off 385 employees, or little over 11 per cent of its workforce in the fourth round of layoffs this year.

By India Today Tech: The Indian ed-tech startup space is going through challenging times currently with layoffs happening every now and then. The latest one comes from a popular ed-tech firm, Vedantu. As per a report, the company has reportedly laid off 385 employees, or little over 11 per cent of its workforce in the fourth round of layoffs this year. This totals over 1100 employees sacked from the ed-tech firm this year.

As per a report coming from IANS, with the fourth round of layoffs the company’s workforce stands at slightly over 3300. Vedantu is said to be offering severance pay as well as placement opportunities to the impacted employees. In the fourth round of layoffs, employees in sales, learning content, and human resource departments have been majorly impacted, the report stated. Additionally, as a part of cost-cutting measures, the founding team, including CXOs, has taken a 50 per cent pay cut.

Overall, in 2022, Vedantu let go of hundreds of employees stating cost-cutting measures. In May this year, the company laid off 424 employees while it sacked nearly 100 employees in the month of August. Following all rounds of layoffs, the company’s workforce has dropped from 5600 in May to a little over 3300 at present.

2022 has been a tough year not just for Vedantu but for the whole ed-tech startup ecosystem with thousands of layoffs happening every other month. Overall, Indian ed-tech startups have laid off more than 7000 employees this year.

Another popular ed-tech startup, Byju’s, recently shared its plans to let go of nearly 2500 employees across departments, which is around 5 per cent of its workforce. The company announced that it is planning to lay off 2,500 employees in the coming six months under its plan of optimizing the spending cost and operational cost of the company across departments including product, content, media, and technology. Following the announcement, Byju’s founder and CEO Byju Raveendran sent an email to all employees and apologized for firing some of them. Raveendran said that he was “truly sorry” and blamed the ongoing macroeconomic conditions as the reason behind the harsh step.