Sunday, January 29, 2023
Outlook.com
Outlook India
Outlook Business
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Lay Off

A major chunk of the impacted staff are from the fintech's marketing and operations departments

The layoffs came at a time when the company was considering slowing down its hiring process

Amongst sectors, edtech has been hit brutally

Since the beginning of 2022, nearly 18,000 employees have lost their jobs in the Indian tech sector

With more than 200 Super OYOs available on the website, the company claims that consumers will find it easy to choose the best option

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

Vedantu took the harsh measure to keep its business on the profitability track amid a global economic downturn

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

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