The layoff saga in the Indian tech sector continues to haunt the employees as the Bengaluru-based edtech firm upGrad has laid off 120 employees from its subsidiary brand upGrad Campus, which was previously known as Impartus.
The edtech unicorn acquired the majority stake in the company in 2021 for Rs 150 crore and renamed the company to upGrad Campus. Amit Mahensaria, the co-founder and CEO of Impartus assumed the role of the chief operating officer (COO) at upGrad Campus.
Prior to this, Harappa, another upGrad-owned edtech company laid off 60 employees at the beginning of the year. The company did not provide any reasons behind the decision to let 60 people go.
Indian tech sector witnessed a series of layoffs in the year 2022. As per media reports, nearly 18,000 employees lost their jobs in the tech arena. Edtech sector was alone responsible for 44 per cent of the total layoffs. Highly-valued companies like Byjus, Unacademy and Vedantu were seen trimming down their employee bandwidth to keep the business on the profitability track. Byju Raveendran-led Byju’s announced its plans to rationalise five per cent of its 50,000-strong employee bandwidth which led to 2,500 job cuts. Unacademy also fired more than 1,000 employees and Vedantu laid off 350 staff, last year.
This year has also not any difference. According to a report by Inc42, nearly 23,000 employees have been laid off by 278 start-ups. The list includes companies like Byju’s, Cashfree, Vedantu, Swiggy, Oyo, Meesho, MPL and others.