Online education unicorn Vedantu has announced layoffs of 424 employees. This is approximately 7 per cent of the total workforce. Vedantu CEO Vamsi Krishna has given this information by e-mail.
What is the reason: According to Vamsi Krishna, CEO of Vedantu, the external environment at present is full of difficulties. War in Europe, fear of recession and interest hike by the Fed have fueled inflation not only in global but also in India. Given this environment, the situation is going to get tough in the coming quarters. In such a situation some of our colleagues will be asked to leave the company.
In an e-mail sent to employees, Vamsi Krishna said, “There is no easy way to say this. It is a difficult decision, and I want every employee to understand why this decision has been taken and for the future of Vedantu.” What does that mean for him?”
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This is the second layoff of Tiger Global-backed education sector unicorn Vedantu. Prior to this, she has shown the way out of 200 employees i.e. about 3.5 percent of the employees.