Teachmint, an Indian edtech startup has decided to lay off 45 employees, that is, about five per cent of its total workforce. Without disclosing much about the layoff, the Company has said that in lieu of achieving long-term efficiency and eliminating redundancies in roles, Teachmint had to cut some roles which is a restructuring process carried out by the Company.
As per media reports, roles in the operations and sales side have been impacted.
As part of the severance package, the Company is providing three months’ salary and health insurance to all employees. It is also expediting the process of vesting ESOP’s (employee stock ownership plans) of the laid-off employees. The outgoing employees may also apply for the current openings in the organisation.
Teachmint had launched a programme that lets employees sell their shares as soon as they are eligible by giving them more financial leeway.
Till now, the edtech firm, founded by Mihir Gupta, Payoj Jain, Divyansh Barodia, and Anshuman Kumar, has raised $118 million backed by Rocketship VC, Vulcan, Better Capital and Lightspeed Venture Partners.
Recently, many tech firms in the US have resorted to major layoffs, which have impacted over 60,000 people. In India, edtech firms have been laying off people as part of course correction, or as a result of bad predictions and lack of funding this year. As per various media reports, as many as 7,000 employees have been impacted in the year 2022 by the layoff trend in the edtech industry alone.