Google-backed edtech platform, Adda247, has reduced its workforce across verticals, including sales and content. As per media reports, the company has laid off 250-300 employees, marking the first significant round of layoffs at the company in recent years.
It is reported that the layoff has also impacted approximately 100 to 150 employees in its UPSC- focused platform, StudyIQ. The company had acquired StudyIQ in December 2021, for approximately $20 million.
The report suggests that all the affected employees were asked to resign suddenly, without prior notice.
Founded by Anil Nagar and Saurabh Bansal in 2016, Adda247 primarily caters to the learning needs of students from tier 2 and 3 cities. It specialises in preparing students for various competitive exams, including banking, SSC, railway, teaching and government job-recruitment exams.
Furthermore, it offers a wide range of study materials, live classes, video courses, e-books, and mock tests to help students and job aspirants enhance their knowledge and improve their exam readiness. With a strong online presence, Adda 247 has become a trusted resource for millions of students, providing high-quality, up-to-date, and comprehensive study material.
In October of the previous year, Adda247 secured $35 million in a funding round led by WestBridge Capital, with Google as one of the new investors. Existing investors, such as Info Edge and Asha Impact, also participated in the funding.
Lately, Byju’s, another edtech company revealed its intention to terminate the employment of 4,000 to 5,000 personnel in what it terms a ‘business restructuring initiative.’ This decision follows Byju’s elimination of over 10,000 jobs in the preceding two years.