Ed-tech platform Vedantu laid off 424 employees today citing capital scarcity, reported Indian Express. In a blog post shared by their CEO, Vamsi Krishna, the announcement of laying off employees was made.
“There is no easy way to say this – out of 5900 Vedans, 424 of our fellow teammates i.e ~7% of our company, will be parting with us. This has been an extremely difficult call to make, and I want each Vedan to understand why V had to take this call and what it means to you and the future of Vedantu,” Khanna said.
“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 quarters,” Khanna added in the explanatory post.