Brands
YSTV
Discover
Events
Newsletter
More

Follow Us

twitterfacebookinstagramyoutube
Yourstory

Brands

Resources

Stories

General

In-Depth

Announcement

Reports

News

Funding

Startup Sectors

Women in tech

Sportstech

Agritech

E-Commerce

Education

Lifestyle

Entertainment

Art & Culture

Travel & Leisure

Curtain Raiser

Wine and Food

Videos

ys-analytics
ADVERTISEMENT
Advertise with us

Edtech startup ​​Teachmint lays off more employees: Report

Bengaluru-based Teachmint has reduced its workforce by 70 just five months after it laid off 45 employees as part of a restructuring exercise.

Edtech startup ​​Teachmint lays off more employees: Report

Friday May 05, 2023 , 2 min Read

Edtech startup Teachmint has reportedly laid off more employees as it continues to cut costs.

The Bengaluru-based company has reduced its workforce by 70 people, just five months after it laid off 45 employees as part of a restructuring exercise, as per Inc42. The edtech firm may have sacked many more people, the report added.

Talent acquisition, technology, and support roles were the most impacted, while some quality analysts were also part of the layoffs. The laid-off employees will receive three months’ salary as a severance package, the report noted.

The development comes a few weeks after Co-founder and CTO Anshuman Kumar quit, ending his three-year stint to pursue a new venture.

“Some roles have been unfortunately impacted as we work on increasing structural efficiencies in our operations. We have proactively communicated to the impacted colleagues and are working on providing them comprehensive support,” a Teachmint spokesperson said.

Founded in 2020 by Kumar, Mihir Gupta, Payoj Jain, and Divyansh Bordia, Teachmint focuses on digitising classrooms and helping educators manage lessons through its free, SaaS-based mobile platform.

Also Read
Meesho lays off 251 people in townhall meeting

Teachmint has raised more than $118 million in funding so far and is backed by investors including Lightspeed India, Better Capital, Goodwater Capital, Rocketship, and Vulcan.

The Bengaluru-based firms reported a loss of Rs 131.7 crore in FY22—up 24x from Rs 5.5 crore in the year prior.

The edtech sector has been in turmoil after a period of intensive pandemic-driven boom. The pandemic offered tailwinds for tremendous growth but the resumption of offline classes, combined with a funding winter, have hit edtech firms hard.

Most edtech unicorns have posted losses in FY22. Tiger Global-backed Unacademy reported a loss of Rs 2,848 crore, upGrad recorded losses of Rs 627 crore, while Vedantu lost Rs 696 crore. BYJU'S, which is yet to file its FY22 numbers, reported a Rs 4,588-crore loss in FY21.

Physics Wallah was the only profitable firm among edtech unicorns, with a 14-fold jump in profits in FY22.

(The copy was updated to add Teachmint's statement.)


Edited by Kanishk Singh