Edtech startup Skill-Lync lays off more employees: Report
The Chennai-based company has reduced its workforce by 20%, or about 225 employees to streamline operations, said a report.
Edtech startup has reportedly laid off more employees as it continues to cut costs.
The Chennai-based company has reduced its workforce by 20%, or about 225 employees to streamline operations and limit future content and production investments, just two months after reportedly laying off 400 employees, as per TechCrunch. The edtech firm initiated its latest round of job cuts at the end of last month, the report added.
YourStory has reached out to Skill-Lync for a comment. This story will be updated with the company's response.
The report also stated that Skill-Lync had delayed the salaries of affected employees, however, Suryanarayanan Paneerselvam, the company's co-founder, refuted the claim. He said in a comment to TechCrunch that Skill-Lync is processing salary payments as scheduled.
The development comes at a time when several startups in the space, including the unicorns with projected valuations of at least $1 billion, are struggling to cope with mounting losses, slowing their expansion plans, and seeking to reduce their expenses amid a funding winter.
In August 2021, Skill-Lync raised $17.5 million in Series A funding led by Iron Pillar. The startup was selected for Y Combinator’s 2019 winter batch, and it raised $150,000 from the American technology startup accelerator in two rounds.
Founded in 2018 by Paneerselvam and Sarangarajan V Iyengar, Skill-Lync helps upskill engineering students in line with the industry's needs.
Edited by Affirunisa Kankudti