The US-based celebrity-driven learning platform MasterClass has stated it is cutting its workforce by 20% just as edtech companies continue to lay off workers in India.
The choice was made, according to MasterClass CEO David Rogier, to "adapt to the worsening macro environment and get to self sustainability faster."
Out of its 600 employees, the layoff will affect all teams and affect almost 120 people.
"It was the most difficult decision I've had to make since we launched 7 years ago, because our team poured their heart and soul into MasterClass. They are some of the most creative, curious, caring and dedicated people in the world," Rogier tweeted.
He stated this very tough step will "strengthen our position both financially and strategically, allowing us to serve our members, employees and instructors for many years to come".
According to TechCrunch, the edtech company, which was most recently valued at $2.75 billion, has promised to offer affected staff healthcare through the end of the year.
Celebrities like Serena Williams and Issa Rae provided aspirational material (entertainment) for MasterClass' online courses.
Investors including IVP, NEA, and Owl Ventures helped MasterClass finance more than $460 million.
To date, edtech platforms in India have let go of more than 3,600 workers. In the previous two to three months, the Indian startup ecosystem has seen a net loss of close to 10,000 employment.