edtech business sponsored by Google eliminates over 300 jobs
According to a Saturday media report, the Google-backed edtech portal Adda247 has let go of between 250 and 300 people across several industries.
Entrackr, citing sources, asserts that between 100 and 150 workers were let go from StudyIQ, an edtech platform geared at UPSC that the business purchased in December 2021 for roughly $20 million.
Major categories like sales and content each lay off around 150 workers. The firm is experiencing its first layoff in a number of years.
The article claims that the laid-off employees were given a last-minute resignation request.
Adda247 secured $35 million in a round headed by WestBridge Capital in October of last year. Google was a new investor in the round.
Existing investors Info Edge and Asha Impact participated in the investment round as well.
Anil Nagar and Saurabh Bansal founded Adda247 in 2016, which serves the educational requirements of millions of students from tier 2 and tier 3 cities.
A “business restructuring exercise” will result in the 4,000–5,000 layoffs of staff at Byju’s, a leading provider of educational technology. Over 10,000 employment have been cut by the company in the last two years.
