Just days ago, ETtech had
reported that the company fired 200 of its contractual and full-time employees, amid cratering demand for online education, owing to the opening up of offline schools and institutes.
In a
blog post shared by the company, CEO and founder Vamsi Krishna explained the reason for the decision, saying, “Currently, the external environment is tough. War in Europe, impending recession fears, and Fed rate interest hikes have led to inflationary pressures with massive correction in stocks globally and in India as well. Given this environment, capital will be scarce for upcoming quarters. With Covid tailwinds receding, schools and offline models opening up, the hyper-growth of 9X, Vedantu experienced during the last 2 years will also get moderated. For long term sustenance of the mission, V would need to adapt too.”
Several Indian startups like Unacademy, Meesho and Trell among others have laid off employees over the past month as funding shrinks due to volatile market.
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