About 150 employees are said to have been asked to go in other verticals, including sales and content. It is the first layoff in a few years at the company. As per the report, the laid-off workers were asked to resign without any prior notice.
Received Google funding in 2022
Adda247 raised $35 million in a round led by WestBridge Capital in October last year. The round also saw Google come onboard as a new investor. The funding round also saw participation from the existing investors, including Info Edge and Asha Impact.
Founded by Anil Nagar and Saurabh Bansal in 2016, Adda247 caters to the learning needs of millions of students from tier 2 and 3 cities. “India’s largest vernacular learning platform – backed by Google, WestBridge, InfoEdge, Asha Impact #BuildingTheNationThroughEducation Telegram,” is how the company describes itself on social media platform X, formerly Twitter.
Edtech poster boy Byju’s recently announced that it will lay off 4,000-5,000 employees in a “business restructuring exercise”. The startup has eliminated more than 10,000 positions in the last two years.