Edtech job losses pile up + gig workers in focus
The great startup party is over and why the Indian government’s session on gig workers’ problems is too little too late.
3 June, 2022•9 min
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3 June, 2022•9 min
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Editor's note: The great edtech party is over. After a couple of big-bang years, in which edtech startups scaled new highs buoyed by investors’ dollars, the layoffs are here. Earlier this week, two-year-old Udayy, which provided an immersive learning platform for children between kindergarten and grade 8, shut down operations and laid off its entire workforce. “As the kids went back to school, we faced roadblocks in growing the original model of online, live learning. We evaluated multiple different strategies and adjacent pivots however none of them were promising enough. After a lot of deliberation, we decided that it’s better to shut down the business than to spend more time and capital on it. Our investors, team members and customers have been very supportive,” co-founder Saumya Yadav said. Udayy isn’t alone. Last month, Vedantu also let go of 424 employees. “Currently, the external environment is tough. War in Europe, impending recession fears, and Fed rate interest hikes have led to inflationary pressures with massive correction in stocks globally and in India as well. Given this environment, capital will be scarce for upcoming …
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