This EdTech startup shuts its operation, fires all the employees

Edtech startup, Udayy shuts down its operations and has fired 100-120 employees as kids move back to schools in the post-pandemic world.

According to reports, the Gurugram- based company has also decided to return up to $8.5 million to its investors, out of the total $13 million raised during its operations.

Founded in 2019 by Karan Varshney, Mahak Garg, and Yadav, the edtech platform offered maths and English training to children in the age group of 6-11 years using an interactive online classroom of 3-5 children in each batch.

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Following this, in January 2021, the company raised $2.5 million in a seed funding round led by Alpha Wave Incubation (AWI), managed by Falcon Edge Capital and InfoEdge Ventures.

Is EdTech sinking?

So far in edtech, Unacademy has laid off around 1,000 employees, while Lido has shut shop after letting go of around 150 employees. Most recently, Vedantu fired 624 employees, citing a tough macroeconomic backdrop and challenges from offline coaching centres regaining prominence.