Edtech platform Adda247, which enjoys the backing of Google, has recently reduced its workforce by approximately 250 to 300 employees spanning various verticals. According to reports, this move marks the first significant round of layoffs for the company in recent years.
Entrackr, citing sources, revealed that the layoffs affected different sections of the company. Around 100 to 150 employees were laid off from StudyIQ, an edtech platform focused on UPSC exams that Adda247 acquired for approximately $20 million in December 2021. Furthermore, roughly 150 employees from various major verticals, including sales and content, were also part of this restructuring.
The report suggests that these affected employees were asked to resign suddenly, without prior notice.
In October of the previous year, Adda247 secured $35 million in a funding round led by WestBridge Capital, with Google as one of the new investors. Existing investors, such as Info Edge and Asha Impact, also participated in the funding.
Founded by Anil Nagar and Saurabh Bansal in 2016, Adda247 primarily caters to the learning needs of students from tier 2 and 3 cities.
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On a related note, major edtech player Byju’s recently announced plans to lay off 4,000 to 5,000 employees as part of a “business restructuring exercise.” This move comes as Byju’s has eliminated more than 10,000 positions in the past two years.
