Tech News Desk – Edtech (Educational Technology) unicorn company UpGrad acquired a subsidiary company in 2021 and now the company has laid off about 120 people from this subsidiary. Let us tell you that the company has taken this big decision to restructure things in the company and cut down on expenses. The Financial Express has learned from sources that at least 30 per cent of UpGrad’s 300 employees at Impertus Innovations (a video learning solutions provider) will be affected by the layoffs. Remind that Upgrade bought this video learning solution provider company in 2021 under a cash and stock deal of Rs 150 crore.
Amit Mahensaria, a spokesperson for Upgrade Company and co-founder of Impartus, did not respond to an email query earlier last week. For your information, let us tell you that UpGrad has acquired 14 companies so far. To recall, Upgrade bought five companies last year, including upskilling platform Harappa Education for $38 million, while data science institute Insof was bought by Upgrade for $33 million.
Let us tell you that before this, Harappa Education, a subsidiary of Upgrade, had sacked 70 people last year in December 2022, showing them the way out of the job. The education technology sector is one of the sectors that has seen the most layoffs in the last year. Remind that more than 18 thousand people have lost their jobs in this sector. Apart from the upgrade, companies like Byju’s, Vedantu and Unacademy have also laid off 7,000 people. Now the thing to be seen will be whether something good will be seen in the coming year i.e. 2023 or else the phase of retrenchment will continue like this.