Edtech Platform: Google-backed edtech platform Adda247 cuts nearly 300 jobs

Layoffs continue to ravage edtech companies in the country. Google-backed edtech platform Adda247 has reportedly cut around 250-300 jobs across its verticals. According to a report in Entrackr, citing sources, about 100 to 150 employees were laid off from StudyIQ, a UPSC-focused edtech platform. Adda247 had acquired StudyIQ for about $20 million in December 2021.
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.

LocalTak – Daily News & Updates