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Indian Edtech Firm Skill Lync Fires 20% Staff

This has been the second round of layoffs for the company

Indian Edtech Firm Skill Lync Fires 20% Staff

Outlook Start-Up Desk

POSTED ON July 14, 2023 2:09 PM

The layoff saga in the Indian tech space continues to haunt employees as Skill-LYNC, an Indian edtech company has downsized 20 per cent of its bandwidth in an attempt to reduce the overall cost. 

A report by Entrackr suggests that this has been the second round of layoffs for Chennai and Pau Alto-based start-up. Prior to this, it fired 300-400 employees in April citing adverse microeconomic situations. 

“I would like to address the reported layoff figure, which accurately stands at 20%. It is important to note that our current total headcount is approximately 800 employees,” said SuryaNarayanan Paneerselvam, conforming the layoffs to Entrackr. 

“The decision to reduce our workforce primarily stemmed from our strategic shift to streamline student delivery and learning operations and our decision to limit investments in future content and production capabilities and was not taken lightly, and we have done our utmost to ensure that the process was as transparent and fair as possible for the employees involved,” he added. 

The development came after the start-up raised a whopping $20 million across Seed and Series A funding rounds. It joined a bandwagon of start-ups that laid off staff after raising funds. The list includes companies like FrontRow and MojoCare. 

The Indian start-up ecosystem has been going through hardships since the middle of 2022. Last year, nearly 20,000 employees lost their jobs in the start-up space. In the first six months of 2023, the numbers saw a 40 per cent increase according to a report by The Hindu BusinessLine. 
 

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