Bangalore: Vedantu, a start-up, has laid off 424 employees. This was stated by the CEO of the company Vamsi Krishna. Earlier, Vedantu had sacked about 200 employees.
Vedantu, an education-based EduTech start-up based in Bangalore. The company was last launched in 2014. Vedanta is one of the unicorn start-ups in India. The company is also constantly raising funds at regular intervals. In this case, the company has fired its employees.
What is the explanation given by Vamsi Krishna? – “Out of a total of 5,900 employees, 424 have been laid off, which is 7 per cent of the total number of employees. The management has taken this decision in a very difficult mood. However, I think you will all understand why the management has taken this decision. It is a decision taken for the future of the company.
The current environment is very difficult. The war in Europe, the rise in interest rates, the change in the stock market in India and globally. Given this environment, there is a possibility of a shortfall in capital for the coming quarters. “
It is said that the main reason Vedantu took this step was because of the low demand for online education. It is noteworthy that many other start-up companies have similarly laid off employees in the past domains.