Adda247 Reduces Workforce by Over 20% as Part of Restructuring Ahead of IPO
Adda247 lays off over 20% employees amid restructuring and IPO plans
Business Standard
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Adda247, a homegrown edtech company backed by Google and WestBridge Capital, has laid off over 200 employees, accounting for nearly 20% of its workforce. This decision comes as the company prepares for a public listing within the next 12 to 18 months.
- 01Adda247 has laid off over 200 employees, representing nearly 20% of its workforce.
- 02The layoffs are part of a restructuring process.
- 03The company is preparing for a public listing in the next 12 to 18 months.
- 04Adda247 has raised approximately $67 million to date.
- 05The layoffs reflect broader trends in the edtech sector.
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Adda247, an Indian edtech company backed by Google and WestBridge Capital, has announced significant layoffs, reducing its workforce by over 20%. This translates to more than 200 employees being let go as part of a restructuring initiative. The company has raised around $67 million to date and is gearing up for a public listing expected within the next 12 to 18 months. The decision to downsize reflects the company's strategic adjustments in preparation for its IPO, aligning with trends seen across the edtech sector in recent times.
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The layoffs may lead to increased job competition in the edtech sector, affecting employment opportunities for job seekers.
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