Sunday, January 29, 2023
Outlook India
Outlook Business

Gaurav Munjal

The edtech is shutting down its core education business and moving to a test product business with a newly launched application called NextLevel

Founded in 2018, the edtech was acquired by Ronnie Screwvala led upGrad in July 2022 for Rs 300 crore

The development came weeks after Swiggy’s competitor, Zomato, announced plants cut down the employee number by 3 per cent to combat the economic downturn

In July 2021, the company raised $75 million in a Series C funding round led by LeapFrog and Khosla Ventures

India is currently the home of the third largest ecosystem of start-ups after the US and China

The development comes five months after it raised $255 million from marquee investors including Google, Times Group and Temasek

The global fintech player has witnessed a 44 per cent drop in its share prices

The Unacademy founder's tweet comes at a time when Indian start-ups are struggling to raise capital at a proper valuation and laying off their employees to stay profitable

While many CEOs who went on a guilt trip after announcing retrenchments assured assistance to their sacked employees, it remains questionable how serious are they about keeping their promise

The edtech uniform sacked 350 employees yesterday, which is around 10 per cent of its workforce