Adda247, a Google-backed educational technology platform, has reportedly downsized its workforce by approximately 250 to 300 employees across various divisions. This strategic move comes as the education technology sector undergoes significant changes and realignments. According to sources cited by Entrackr, around 100 to 150 employees from StudyIQ, an UPSC-focused edtech platform acquired by Adda247 for approximately $20 million in December 2021, were among those affected.
The layoffs extended to multiple major verticals within the organization, impacting sales and content departments, where approximately 150 employees were asked to resign without prior notice. This reduction in force marks the first such layoff in several years for Adda247.
Notably, Adda247 secured $35 million in funding in October the previous year through a funding round led by WestBridge Capital, with participation from Google as a new investor. Existing investors, including Info Edge and Asha Impact, also contributed to this financing initiative.
Established by Anil Nagar and Saurabh Bansal in 2016, Adda247 is renowned for addressing the learning needs of millions of students hailing from tier 2 and 3 cities.
This downsizing of the Adda247 workforce coincides with a broader trend within the edtech sector. Major edtech firm BYJU’S has recently announced plans to lay off 4,000 to 5,000 employees in a business restructuring exercise. Over the last two years, BYJU’S has reduced its workforce by more than 10,000 positions.
