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<ul><li><keyword id="335232" type="General" weightage="100" keywordseo="guild" source="Orion">Guild</keyword> has announced to lay off 172 employees, or 12 per cent of its workforce.</li><li>Guild CEO <keyword id="17547649" type="General" weightage="50" keywordseo="rachel-romer" source="Orion">Rachel Romer</keyword> told employees in an email that layoffs were "incredibly painful" but necessary to ensure the company's long-term success, reports layoffstracker.com.</li></ul>San Francisco, Woman founder-led edtech unicorn Guild has announced to lay off 172 employees, or 12 per cent of its workforce, as part of a broader reorganisation for long-term growth. Guild CEO Rachel Romer told employees in an email that layoffs were "incredibly painful" but necessary to ensure the company's long-term success, reports layoffstracker.com. The company had "identified the go-forward structure, roles, and skill sets needed to enable our strategy and create a more focused, seamless way of doing work at Guild," she told the staff. Those impacted will receive 12 weeks of severance pay, with an additional week of pay for each full year of service at the company. Moreover, they will also get medical, dental, and vision coverage through the Consolidated Omnibus Budget Reconciliation Act (COBRA) for up to 18 months, with Guild covering the premiums for the first six months. Denver, Colorado-based Guild has extended the equity exercise period by two years, allowing employees to continue accessing the company's upskilling programmes, said the report. Those impacted will also retain access to the <keyword id="678788" type="General" weightage="50" keywordseo="beehive" source="Orion">Beehive</keyword>, Guild's subsidised childcare programme. The company raised over $200 million in funding and was valued at $4.4 billion in 2022. The edtech platform received the unicorn status in 2019. Last year, Guild secured a $175 million Series F financing round, which included investment from <keyword id="20411" type="General" weightage="50" keywordseo="oprah-winfrey" source="Orion">Oprah Winfrey</keyword>. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/samsung-galaxy-a34-5g-review-a-mid-range-marvel/articleshow/100564038.cms">Samsung Galaxy A34 5G review: A Mid-range marvel</a> <a href="https://www.businessinsider.in/tech/news/google-opens-ai-search-experiment-to-selected-users-for-testing-heres-how-you-can-sign-up/articleshow/100519280.cms">Google opens AI search experiment to selected users for testing - here’s how you can sign up</a>

Woman-led edtech unicorn Guild lays off 172 employees

Almost one in five of India’s future unicorns drop off the race as funding winter bites

<ul><li>Indian startup sector witnesses a rise in job losses, with over 27,000 tech employees affected and numbers increasing.</li><li>Nearly 26,868 employees have been handed over pink slips by 98 startups.</li><li>At least 22 <keyword id="1464841" type="General" weightage="80" keywordseo="edtech" source="Orion">edtech</keyword> startups have slashed 9,781 jobs to date.</li></ul>At least 27,000 tech employees at Indian startups have lost their jobs since the funding winter crept in last year, and the list is only growing. Nearly 26,868 employees have been handed over pink slips by 98 startups, including unicorns led by the edtech majors, according to data by leading startup news portal Inc42. At least 22 edtech startups have slashed 9,781 jobs to date. In the first five months into 2023, more than 8,000 employees lost their jobs in India by nearly 50 startups. Homegrown virtual events platform Airmeet sacked about 30 per cent of its workforce, or at least 75 employees, according to the report. Corporate expense management platform Happay, owned by credit Card bill payment provider CRED, slashed nearly 35 per cent of its workforce as part of a restructuring exercise. Another homegrown edtech startup Teachmint laid off over 70 employees, its second round of job cuts after sacking about 45 workers more than five months ago. <keyword id="12864" type="General" weightage="80" keywordseo="chennai" source="Orion">Chennai</keyword>-based edtech startup Skill-Lync laid off employees as it consolidates operations across Chennai, Bengaluru, and <keyword id="6354552" type="General" weightage="50" keywordseo="hyderabad" source="Orion">Hyderabad</keyword> amid global macroeconomic conditions. The year 2023 has become the worst year for tech employees as nearly 2 lakh tech employees -- from Big Tech firms to startups -- have been sacked to date globally, as companies like <keyword id="399907" type="General" weightage="50" keywordseo="meta" source="Orion">Meta</keyword>, BT, <keyword id="15492" type="General" weightage="50" keywordseo="vodafone" source="Orion">Vodafone</keyword> and many others announced further plans to lay off more employees in coming months. As per the data by layoffs tracking site Layoffs.fyi, 695 tech companies have shown the doors to around 1.98 lakh employees so far this year. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/is-whatsapp-secretly-listening-to-your-private-conversations-heres-how-to-check/articleshow/100155980.cms">Is WhatsApp secretly listening to your private conversations? Here’s how to check</a> <a href="https://www.businessinsider.in/tech/news/google-pixel-6a-vs-pixel-7a-smartphone-comparison-with-price-and-features/articleshow/100177889.cms">Google Pixel 6a vs Pixel 7a: Is Google's latest mid-ranger worth the extra ₹12,000?</a>

About 27K employees lost jobs at Indian startups to date, over 8K this year

<keyword id="1464841" type="General" weightage="50" keywordseo="edtech" source="Orion">Edtech</keyword> major <keyword id="2900267" type="General" weightage="80" keywordseo="byju" source="Orion">BYJU</keyword>'s is planning to wind up the coding platform <keyword id="8080458" type="General" weightage="100" keywordseo="whitehat-jr" source="Orion">WhiteHat Jr</keyword>, which it acquired for $300 million, as part of restructuring and cut costs. WhiteHat Jr, which at its peak had more than 8,000 employees across the country, now has some hundreds of roles left as it never picked up the pace and brought revenues for the company, informed sources told IANS on Thursday. According to people close to the development, the discussions at the top level at BYJU's have happened to get rid of the WhiteHat Jr brand which has faced severe criticism in the past. BYJU's, however, told IANS that they have no plans of shutting it down. "We are merely optimising it for organic and efficient growth. We remain fully committed to delivering world-class educational experiences and solutions that empower students to achieve their full potential," the company spokesperson said. The company said that it is constantly evaluating and optimising its business operations towards global growth. "As an ongoing activity, we are actively evaluating all our business units to ensure that they are aligned with our path to profitability," BYJU's told IANS. TechCrunch was first to report on the development. BYJU's acquired WhiteHat Jr in July 2020 for nearly $300 million. It reported a massive Rs 1,690 crore loss in the financial year 2021, while its expenses reached Rs 2,175 crore in FY21 -- compared to Rs 69.7 crore in FY20. In the April-May period last year, over 1,000 of its employees, including teachers which are on contractual basis, and hence not full-time employees, resigned. Later, more WhiteHat Jr employees either moved on their own or were asked to go. WhiteHat Jr shut its schools division that targeted to take its flagship coding curriculum to 10 lakh school students by the next academic year. Its foray into teaching music online, offering guitar and piano playing, yielded no fruitful results. According to sources, BYJU's which was last valued at $22 billion, will not be able to meet its March 2023 deadline to achieve group-level profitability, as it envisioned in its earnings in October last year. The company, which has sacked thousands of employees to date and has taken deeper cuts, is still unable to achieve profitability at group level amid mounting losses. The edtech unicorn reported a loss of Rs 4,588 crore for the fiscal year that ended on March 31, 2021. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/news/ghosting-is-immature-believe-millennials-says-a-study-by-quackquack/articleshow/98172016.cms">Ghosting is immature believe millennials says a study by QuackQuack</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/backstreet-boys-are-performing-in-india-after-13-years-here-are-the-tour-details/articleshow/98172144.cms">Backstreet's back, alright! The 90s boy band to perform in India after 13 years</a>

BYJU's likely to shut down beleaguered coding platform WhiteHat Jr

<ul><li>BYJU's is an <keyword id="1464841" type="General" weightage="20" keywordseo="edtech" source="Orion">edtech</keyword> platform founded in 2015 with a current valuation of $22 billion. </li><li>Management of the edtech platform says cost-cutting is being done to “achieve overall profitability by March 2023”. </li><li>Many edtech firms have resorted to layoffs this year. </li></ul>Indian edtech decacorn BYJU's announced yesterday that it has laid off 2,500 employees as it has consolidated the many platforms it has acquired – like Toppr, Meritnation, <keyword id="192259" type="General" weightage="50" keywordseo="tutorvista" source="Orion">TutorVista</keyword>, Scholar and HashLearn. This move, the company said, is a way to avoid redundancies in job roles and the layoffs constitute 5% of its workforce. “These measures will help us achieve profitability in the defined time frame of March 2023," said Mrinal Mohit, CEO, BYJU'S India business. As per the audited FY21 financials that it released last month after an 18-month delay, its losses widened by 20 times to ₹4,589 crore. In the last three years, the company has been on an acquisition spree. Its biggest one so far is that of offline test preparatory services provider Aakash for $1 billion in 2021. The payments to PE major Blackstone, which owned 38% in Aakash, were eventually <a href="https://www.thehindu.com/business/byjus-clears-230-million-dues-to-blackstone-for-aakash-acquisition/article65931486.ece">cleared by the company, albeit after delays</a>. It has also purchased Singapore-based <keyword id="6559242" type="General" weightage="50" keywordseo="great-learning" source="Orion">Great Learning</keyword> for $600 million in 2021. Both these entities will function independently, <keyword id="3320944" type="General" weightage="100" keywordseo="byjus" source="Orion">Byjus</keyword> had said. Edtechs in trouble This year, many edtech companies have been suffering from loss of clientele after offline classes have commenced and screen fatigue. Since July this year, many edtech companies like Unacademy and Vedantu have been laying off <a href="https://www.businessinsider.in/business/startups/news/60000-jobs-in-startup-companies-may-lose-their-jobs-this-year-in-india-experts-say/amp_articleshow/91804572.cms">employees</a>. Byju’s which has by then also made its presence felt in offline coaching, is also known to have gone down the same path. As per reports, <a href="https://www.business-standard.com/article/companies/byju-s-owned-whitehat-jr-lays-off-300-employees-in-latest-round-of-job-cuts-122062900323_1.html">WhiteHat Jr, owned by Byju's</a>, laid off around 300 employees in June from the code-teaching and sales teams. However, various <a href="https://www.news18.com/news/business/byjus-lays-off-over-2500-employees-in-toppr-and-whitehat-jr-to-cut-costs-5463853.html">media reports have pegged the layoff </a>number between 1,500-2,500. The company vehemently denied the numbers, but did admit to retrenchments. “To recalibrate our business priorities and accelerate our long-term growth, we are optimizing our teams across our group companies. This entire exercise involves less than 500 employees from across Byju's group companies,” the company spokesperson said after denying the 2,500 layoff number. In good shape says management The edtech giant, which is valued at around $22 billion and is the first edtech unicorn in India has also been under scrutiny for various reasons. The company management however insists that it is in good shape. <keyword id="5563078" type="General" weightage="50" keywordseo="divya-gokulnath" source="Orion">Divya Gokulnath</keyword>, the company’s co-founder also came out in defense of the company saying that a lot has happened since its FY21 results and its widened losses have already been cut by half in FY22. “It’s easy to forget that we are 18 months post FY21, and that BYJU’S has grown more than 4 times in this span,” she wrote in an open letter on LinkedIn. For this year, the company has set a target to achieve $2 billion in revenues. The company founder has stated time <a href="https://www.business-standard.com/article/companies/byju-s-focusing-on-profitable-growth-2-bn-revenue-within-the-sights-ceo-122092001266_1.html">and again that this</a> “revenue within sight”. On the other end of the spectrum, <a href="https://www.bbc.com/news/world-asia-india-58951449">Byju’s users have been complaining </a>about aggressive sales tactics and its effects on learning abilities. Moreover, a few of its employees too <a href="https://twitter.com/malpani/status/1379826997598121987?lang=en">publicly spoke of its</a> high-pressure tactics and practices that’s turned almost exploitative to Indian parents who place a lot of value on their children’s education. SEE ALSO: <a target="_blank" class="c-link" href="https://www.businessinsider.in/business/news/investments-in-real-estate-touched-3-6-billion-in-jan-sep-period-colliers/articleshow/94833113.cms">Investments in real estate touched $3.6 billion in Jan-Sep period: Colliers</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/business/corporates/news/it-cos-go-slow-on-hiring-despite-high-attrition-rates-hiring-down-57-in-q2/articleshow/94832706.cms">IT cos go slow on hiring despite high attrition rates, hiring down 57% in Q2</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/business/news/elon-musk-jokes-he-is-selling-perfumes-to-fund-twitter-acquisition/articleshow/94832660.cms">Elon Musk jokes he is selling ‘Burnt Hair’ perfumes to fund Twitter acquisition, changes bio to “Perfume Salesman” as sales cross 20,000</a>

The many troubles at BYJU’s that goes beyond the recent layoffs

<keyword id="1464841" type="General" weightage="20" keywordseo="Edtech" source="Orion">Edtech</keyword> firm <keyword id="6384897" type="General" weightage="20" keywordseo="BYJUs" source="Orion">BYJU's</keyword> will not be able to meet its March 2023 deadline to achieve group-level <keyword id="6515078" type="General" weightage="20" keywordseo="profitability" source="Orion">profitability</keyword>, as it envisioned in its earnings in October last year, reliable sources said on Monday. On top of it, its results for most of the months for the current fiscal year are delayed again. Sources told IANS that the company, which has sacked thousands of employees to date and has taken deeper cuts, is still unable to achieve profitability at group level amid mounting losses. In October after firing 2,500 employees and consolidating its business in the country, Mrinal Mohit, CEO, BYJU'S India business, had said that "these measures will help us achieve profitability in the defined time frame of March 2023". At a group level, BYJU's had said its top priority is to achieve "overall profitability by March 2023". However, this appears impossible now with the company still struggling to stem growing losses. Last week, the edtech major laid off another 15 per cent of its employees, or more than 1,000 people, mainly from its engineering teams, as the company continues phased layoffs to remain growth-oriented in a global economic meltdown. Between April-July 2022, the company logged a revenue of Rs 4,530 crore. Post that, there has been no communication from the company about the pending results. The edtech unicorn reported a loss of Rs 4,588 crore for the fiscal year that ended on March 31, 2021. BYJU's had claimed it clocked gross revenues of nearly Rs 10,000 crore in FY22. Meanwhile, according to sources, BYJU's acquisition of Delhi-based offline test preparatory services provider Aakash for nearly $1 billion is still incomplete and Aakash Chaudhry, Co-Promoter and Managing Director of Aakash Educational Services Limited (AESL), has resigned from the board. When reached, Aakash declined to comment. New reports emerged in December that BYJU's, which may have seen a definite erosion in its last market value at $22 billion, hasn't paid several of its vendors for months. According to Morning Context, "some of the payments are due since March and there is trouble with their clearance. In the eight months to October 2022, cumulative dues to vendors have crossed Rs 90 crore". When reached, BYJU's had not offered a comment on this report. In seemingly fresh trouble for BYJU's, some lenders had asked the edtech unicorn to repay part of a $1.2 billion <keyword id="6360217" type="General" weightage="20" keywordseo="loan" source="Orion">loan</keyword> they recently bought into as they renegotiate terms of the debt. The demand from <keyword id="88431" type="General" weightage="20" keywordseo="creditors" source="Orion">creditors</keyword> comes at a time when BYJU's was in the process to restructure the loan. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/bike-bazaar-raises-10-million-in-series-d-funding-round-from-german-investment-firm-deg/articleshow/97647515.cms">Bike Bazaar raises $10 million in series D funding round from German investment firm DEG</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-transmission-reports-78-rise-in-q3-net-profit-to-475-crore-on-one-time-income/articleshow/97650165.cms">Adani Transmission reports 78% rise in Q3 net profit to ₹475 crore on one-time income</a>

You Searched For "edtech unicorns" and got 6 results

Woman-led edtech unicorn Guild lays off 172 employees

IANS

Almost one in five of India’s future unicorns drop off the race as funding winter bites

Katya Naidu

About 27K employees lost jobs at Indian startups to date, over 8K this year

IANS

BYJU's likely to shut down beleaguered coding platform WhiteHat Jr

IANS

The many troubles at BYJU’s that goes beyond the recent layoffs

Eetika Kapoor

BYJU's to miss March 2023 deadline for group level profitability, results delayed again

IANS

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