Teachmint

Teachmint, a Bengaluru-based edtech startup backed by Lightspeed, has laid off over 70 employees in its second round of job cuts, conducted on May 4, 2023. This follows a previous round five months earlier where around 45 staff were let go. The layoffs, part of a restructuring effort to improve operational efficiency, primarily affected talent acquisition, tech, support, and quality analyst roles. The company, which operates in the competitive edtech industry, is facing significant financial challenges, with its net loss surging 24 times to INR 131.7 crore in FY22 amid rising costs and revenue pressures. Teachmint is offering a severance package of three months' salary to impacted employees.

Bengaluru-based edtech startup Teachmint laid off 45 employees last week, representing about 5% of its workforce, as part of a restructuring effort to build long-term efficiencies and address redundancies. The impacted roles were primarily in sales and operations. The company, which provides a video-first teaching platform for educators, offered a severance package including three months' pay, extended health coverage, and expedited ESOP vesting. This move comes amid a broader funding winter in the Indian startup ecosystem, where edtech firms have been particularly affected by the reopening of schools and a shift in investor sentiment. Teachmint, valued at $500 million after a $78 million Series B round last year, is among numerous Indian startups that have conducted layoffs in 2022.