Vedantu lays off another 424 employees, blames 'scarce capital'

The decision comes just days after Vedantu had announced that it had let go of another 200 people.

Vedantu laid off 424 employees, or 7 per cent of the workforce on May 18, said the ed-tech firm days after announcing it had let go of another 200 people.

“War in Europe, impending recession fears, and Fed rate interest hikes have led to inflationary pressures with massive correction in stocks globally and in India as well. Given this environment, capital will be scarce for upcoming quarters," said the company in a blog post.

Vedantu is among online education firms battered by the coronavirus pandemic. Over the last few months, 800 people resigned from Byju’s-owned coding platform WhiteHat Jr after