by Bengaluru, India – July 13, 2023 – Skill-Lync, an edtech startup, has laid off close to 160 employees in a fresh round of layoffs. The layoffs, which affected employees across functions, come at a time when the edtech industry is facing headwinds due to a funding crunch and a slowdown in demand.
Skill-Lync, which was founded in 2015, offers online courses in engineering, data science, and other technical domains. The company had raised $17.5 million in Series A funding in August 2021.
The layoffs come after a number of other edtech startups, including Unacademy, Vedantu, and WhiteHat Jr, have announced job cuts in recent months. The edtech industry is facing a number of challenges, including a slowdown in demand, increased competition, and rising costs.
In a statement, Skill-Lync said that the layoffs were “a difficult but necessary decision” that was taken to “ensure the long-term sustainability of the company.” The company said that it would be providing severance pay and outplacement assistance to the affected employees.
The layoffs at Skill-Lync are a sign of the challenges that the edtech industry is facing. The industry is expected to see further consolidation in the coming months, as weaker players are forced to exit.
Here are some additional details about the layoffs:
- The layoffs affected employees across functions, including product, engineering, marketing, and sales.
- The layoffs were reportedly announced on July 6, 2023.
- The company said that it would be providing severance pay and outplacement assistance to the affected employees.
What do you think about the layoffs?
I think the layoffs are a sign of the challenges that the edtech industry is facing. The industry is expected to see further consolidation in the coming months, as weaker players are forced to exit. I am hopeful that the edtech industry will be able to weather the storm and emerge stronger in the long run.
