Online higher education company upGrad has laid off nearly 30 per cent of its workforce at its subsidiary Campus.
According to leading startup covering portal Entrackr, citing sources, a lack of VC funding has caused layoffs in the startup ecosystem, affecting especially late-stage organisations.
This is also the second layoff at an upGrad-owned company.
Harappa Education, which was acquired by upGrad for Rs 300 crore in July 2022, laid off 30 per cent of its workforce in January, affecting nearly 60 employees, according to the report.
upGrad Campus is the rebranded version of Impartus, which was purchased by Ronnie Screwvala-backed upGrad for Rs 150 crore in March 2021.
Impartus co-founder Amit Mahensaria assumed the role of the chief operating officer at upGrad Campus, which operated independently as a subsidiary after the acquisition.
Moreover, another edtech platform Unacademy-run Relevel laid off 40 employees, or 20 per cent of its workforce, in January, as it shifts its focus from the education business to "tests product" and a new app called NextLevel.
Last month, BYJU's laid off a further 15 per cent of its employees from its engineering teams, as the company continues phased layoffs to remain growth-oriented in a global economic meltdown.
The company in a fresh round of layoffs has asked more than 1,000 workers (or 15 per cent) to go, mostly from its engineering teams.