In its fourth round of job cuts this year, leading edtech platform Vedantu has laid off 385 employees as the funding worsens. The layoffs have happened across sales, HR and content teams which, according to the company sources, is part of an aggressive measure to reduce excess burn, thus prioritising profitability over growth.
With this round, Vedantu has so far asked about 1,100 employees to go. In August, Vedantu fired a 100 employees to go. The company had laid off 624 employees in May that accounted for over 10 per cent of its workforce. The company had nearly 5,900 employees in May.
In October, the live online learning platform bought a majority stake in test preparation platform Deeksha (Ace Creative Learning Pvt Ltd) for $40 million. Deeksha is one of the leading K-12 test preparation players in Karnataka and according to Vedantu, this strategic partnership will further its hybrid education strategy.