Layoffs 2023: Adda247 faces funding crunch, lays off 250-300 employees abruptly

Adda247 Layoffs 2023: Google-backed Adda247 has reportedly laid off approximately 250-300 employees spanning various divisions. Sources informed Entrackr that the layoffs primarily targeted the UPSC-focused test preparation vertical, StudyIQ, acquired by Adda247 in December 2021, where 100-150 employees were let go. Additionally, around 150 employees from sales, content, and faculty teams were also affected.

Employees affected by the layoffs were allegedly given no prior notice and were asked to resign abruptly, according to reports cited by IANS.

Adda247 Funding

Adda247, founded by Anil Nagar and Saurabh Bansal in 2016, secured $35 million in funding in October of the previous year, with Google joining as a new investor alongside existing backers like Info Edge and Asha Edu Tech.

Adda247, known for serving the educational needs of students from tier 2 and 3 cities, offers e-learning programs across diverse sectors, including banking, railways, SSC exams, teaching, defence, engineering, UPSC, and state PCS.

The company also provides resources for entrance exams such as NEET, JEE, GATE, and law entrance exams, extending its services to school students from classes 9 to 12 through online classes.

This move comes amidst similar restructuring efforts in the edtech sector, notably with major player Byju's announcing plans to lay off 4,000-5,000 employees in a business restructuring initiative, having already cut over 10,000 positions in the past two years.

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