Layoffs 2023: Retrenchment continues, Edtech company UpGrad fired 30% employees, know the reason

UpGrad Layoffs 2023: Due to the worldwide recession, many big and startup companies are laying off their employees. This process started in the year 2022 and is continuing till now. Now the big Edtech company UpGrad has laid off 30 percent of the employees of its subsidiary company. In such a situation, a total of 120 employees have been fired.

120 employees laid off

Unicorn company Upgrade had acquired a company named Harappa Education in the year 2022 for Rs 300 crore. Now due to lack of funding of startup companies in the market, Upgrade has decided to lay off. The thing to note is that this is the second layoff in the upgrade. Let us tell you that Upgrade was earlier known as Impartus. After this, on March 2022, the name of the rebranding of the company was changed to upGrad Campus. In such a situation, to reduce the cost of the company, it has been decided to lay off a total of 120 employees.

These Edtech companies also laid off

Apart from upgrades, many other educational tech companies have laid off a large number of employees this year. In this, Relevel, a company run by Unacademy, fired 20 percent of its workforce i.e. 40 percent of its employees in January. The company had said that it is shifting its work from education business to test business. Earlier, Byju’s had also announced to lay off 15 percent of its employees.

Meta prepares for major layoffs

Before this, Facebook’s parent company Meta is preparing to lay off thousands of employees.  In Bloomberg’s report, the company may lay off more than 1,000 employees. This layoff is possible in this week. Top officials of the company have asked to make a list of employees who will be retrenched.

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