Edtech startup has reportedly laid off more employees as it continues to cut costs.
The Bengaluru-based company has reduced its workforce by 70 people, just five months after it laid off 45 employees as part of a restructuring exercise, as per Inc42. The edtech firm may have eliminated as many as 150 jobs, the report added.
Talent acquisition, technology, and support roles were the most impacted, while some quality analysts were also part of the layoffs. The laid-off employees will receive three months’ salary as a severance package, the report noted.
The development comes a few weeks after Co-founder and CTO Anshuman Kumar quit, ending his three-year stint to pursue a new venture.
Founded in 2020 by Kumar, Mihir Gupta, Payoj Jain, and Divyansh Bordia, Teachmint focuses on digitising classrooms and helping educators manage lessons through its free, SaaS-based mobile platform.
Teachmint has raised more than $118 million in funding so far and is backed by investors including Lightspeed India, Better Capital, Goodwater Capital, Rocketship, and Vulcan.
The Bengaluru-based firms reported a loss of Rs 131.7 crore in FY22—up 24x from Rs 5.5 crore in the year prior.
The edtech sector has been in turmoil after a period of intensive pandemic-driven boom. The pandemic offered tailwinds for tremendous growth but the resumption of offline classes, combined with a funding winter, have hit edtech firms hard.
Most edtech unicorns have posted losses in FY22. Tiger Global-backed reported a loss of Rs 2,848 crore, recorded losses of Rs 627 crore, while lost Rs 696 crore. , which is yet to file its FY22 numbers, reported a Rs 4,588-crore loss in FY21.
Physics Wallah was the only profitable firm among edtech unicorns, with a 14-fold jump in profits in FY22.
