Google-Backed Adda247 Lays Off Nearly 300 Employees
According to a media report on Saturday, Google-backed edtech company Adda247 has laid off between 250 and 300 staff across verticals.
According to Entrackr, which cited sources, approximately 100 to 150 staff were put off from StudyIQ, a UPSC-focused edtech platform acquired by the company in December 2021 for approximately 20 million US dollars.
Around 150 people were laid off in significant industries such as sales and content. It is the company's first layoff in a few years.
According to the report, the laid-off employees were asked to resign without prior warning.
Adda247 secured 35 million dollars in a round headed by WestBridge Capital in October of last year. Google participated in the round as a new investor. Existing investors such as Info Edge and Asha Impact also participated in the investment round.
Adda247, founded in 2016 by Anil Nagar and Saurabh Bansal, serves the learning needs of millions of students from tier 2 and 3 cities.
