Edtech startup Adda247 has reportedly laid off 250-300 employees across various departments after making an investment in Veeksha, a startup that specializes in creating immersive 3D content for Mathematics and Science subjects.
According to an Entrackr report, At least 100-150 employees were being fired from StudyIQ, a UPSC-focused edtech platform acquired by Adda247 for about $20 million in December 2021.
Major verticals such as sales, content and faculty at Adda247 also saw the layoff of about 150 employees, the report said. The report further added that laid-off employees were asked to resign without any prior notice.
Adda247's $35M funding round
In October last year, Add247 raised $35 million in funding from WestBridge Capital, with participation from tech giant Google and existing investors Info Edge, Asha Edu Tech, and JM Financial.
Founded by Anil Nagar and Saurabh Bansal, The startup provides a test prep platform for various government exams such as railways, banking, SSC and public sector jobs focusing on tier II and III towns.