In another round of tech layoffs, Edtech company Vedantu has reportedly sacked another set of employees. as per a report, Vedantu layoffs have hit the workforce again, this time affecting 385 employees.
According to an Entrackr report, Vedantu may announce about these layoffs officially very soon. “Vedantu is firing around 385 employees across verticals such as HR, learning and content,” Entrackr quoted a source familiar with the matter as saying.
The report adds that founding team including CXO is also taking a 50 per cent pay cut and with these layoffs, Vedantu may be left with around 3,300 people.
This round of layoffs at Vedantu come soon after the edtech platform acquired a majority stake of Deeksha, a test preparation platform in Karnataka for board and competitive exams, as per the report.
Before this, even in May, Vedantu laid off around 600 employees in two phases. Even after this, the edtech platform reportedly cut about 100 jobs in August. With all these layoffs, Vedantu joins the list of other companies like Byju’s and Unacademy that have reportedly laid off many employees so far.
While the report did not mention the exact reasons for these layoffs at Vedantu, economic troubles and cost cutting measures can be attributed as some of the reasons, as they have been in cases of layoffs at other companies.
Thousands of workers have been affected by the recent spur of layoffs across industries. Job loss that started with the tech industry, slowly extended to the media sector and is now progressing towards other industries as the world economy battles an economic downturn.