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HomeCURRENT AFFAIRSBUSINESSEdTech: Vedantu and LEAD school lays off 100 employees each

EdTech: Vedantu and LEAD school lays off 100 employees each

EdTech: Recently, India’s biggest ed-tech startups and companies have been laying off many of their employees as the industry is thumped by the global macroeconomic conditions. The conditions like the reopening of schools, physical tuition centres, and colleges.

Like other ed-tech companies in India, Vedantu has also asked to lay off around its 100 employees and LEAD (Formerly LEAD School) had also laid off 100 people from its staff in the ongoing funding winter. In May, Vedantu laid off 624 employees (10% of its workforce).

As per the sources, the company will offer 2 months’ salary as severance to the staff affected by the new round of lay off. In May, the company had around 5,900 employees. Till now, Vendanta has laid off 724 employees.

Must read: From restructuring to layoffs, Is India’s ed-tech sector crashing?

Edtech unicorn LEAD (formerly LEAD School) reduced its workforce by at least 40 per cent, according to sources. However, the company denied that it has reduced its headcount by 40 per cent.

“The company’s total employee strength is around 2,200 and the reduction in our workforce is less than 100 persons,” said the company.

In a statement, the company said

the ed-tech company said that it concluded the performance appraisal process last month, “and each year, we experience some churn during this time”.

“We would like to assure all our stakeholders that LEAD is adequately staffed for its growth aspirations and with schools across India now open again, we are working on bringing innovation and transformation back to these institutions,” a company spokesperson said.

Must read: Vedantu Lays off 424 Employees Citing Financial Constraints

Sumeet Mehta and Smita Deorah founded LEAD in 2012. The LEAD’s integrated system is available to schools in more than 400 towns and cities that reach more than 1.4 million students and 25,000 teachers. After raising $100 million, the company was valued at $1.1 billion at the beginning of this year.

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