"Gut-Wrenching": Education Firm Vedantu Lays Off 400 Amid Startup Slump
NDTV
Calling it one of his "toughest decisions", Vedantu CEO Vamsi Krishna blamed a "tough external environment".
Online tutoring company Vedantu on Wednesday said it had laid off more than 400 employees or about 7 per cent of its workforce as Indian startups, across sectors, reel under a downturn that could slam the brakes after years of unprecedented growth.
"Out of 5,900 Vedans, 424 of our fellow teammates, i.e. about 7% of our company, will be parting with us. This has been an extremely difficult call to make," CEO Vamsi Krishna said in an email that was also posted on the company website.
Calling it one of his "toughest decisions", Mr Krishna blamed a "tough external environment".
"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," he said.
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