Vedantu Fires Another 385 Employees; Over 1,000 Laid Off So Far This Year
Edtech unicorn Vedantu has fired another 385 employees, taking its total layoff count for the year to over 1,000, according to a person familiar with the matter.
The Bengaluru-headquartered firm's founding team and C-suite executives will also take paycuts as large as 50%, said the person quoted above, who spoke on condition of anonymity.
The development was first reported by Entrackr. The company has not responded to BQ Prime's queries so far.
The fresh firings come roughly two months after it acquired a majority stake in Deeksha, the test preparation platform, in a $40 million, i.e., Rs 330 crore deal.
While firing 624 employees earlier this year, Vedantu's Chief Executive Officer Vamsi Krishna said in a blog post that the current external environment is "tough".
“War in Europe, impending recession fears, and Fed rate interest hikes have led to inflationary pressures and massive corrections in stocks globally and in India as well. Given this environment, capital will be scarce for the upcoming quarters.”
Peers Byju's and FrontRow have also announced layoffs amid what is being termed "a funding winter for startups".
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
