Tuesday, July 23, 2024
Outlook.com
Outlook India
Outlook Business

Vedantu

Prior to this, Harappa, another upGrad-owned edtech company laid off 60 employees at the beginning of the year

Some of the demands of India’s edtech sector include continued funding support, lowering of GST taxes and incentives for further formalisation of the country’s digital learning space

Swiggy laid off 1,100 employees in May 2020, and fired another 350 July last year

While continual talks of layoffs won’t fit well for the narrative of India’s thriving start-hub ecosystem, increasing fundraising news will suggest that investors are confident about the sector’s potential

The development came at a time when upGrad is trying to take cost-cutting measures to keep its business on a profitability track

Amongst sectors, edtech has been hit brutally

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

Through this development, the Australian learning and management platform wants to build direct connections with Indian customers

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

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