Edtech unicorn LEAD (formerly LEAD School) after Aug.22 has again terminated employees in another round. Although the company did not confirm the development, it has reportedly terminated around 60 employees from tech and product teams, according to media reports. In Aug. around 40%.
In August 2022, employee strengths were reduced by 40 per cent.
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The company spokesperson, in a statement, said, “We have grown 2X this year and are hiring for growth. If projects don’t meet success criteria or don’t fit our strategic roadmap, teams are either re-assigned or asked to seek other opportunities. This is a regular business activity and a normal churn of 1-2 per cent in an organisation of 2,000 people.”
This comes as the Indian start-up ecosystem is braving a funding winter, post the euphoria in 2021.
The ed-tech reportedly recorded revenue of Rs. 141.6 crore in FY22, which was double the revenue in FY21. It’s loss, however, widened three times from the previous year at Rs. 397.1 crore for FY22.
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