Vedantu lays off 424 employees as it expects a scarcity of capital

Citing headwinds, CEO Vamsi Krishna says capital will be scarce in upcoming quarters

Edtech unicorn Vedantu has laid off 424 employees — about 7 per cent of the company workforce, according to a blog post shared by the Bengaluru-based firm. This is a move that is being seen as a focus on profitability as well as consolidation and cost-cutting drive in the edtech space amid the pandemic, according to experts. The layoff happened days after the company fired 200 of its contractual and full-time employees. This is happening at a time when offline schools and colleges are opening up and learning is evolving into a more nuanced blended delivery model with a mix