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Blackstone backed Simplilearn fires 200 employees, blames poor performance

Inc42 · 1y ago

Blackstone backed Simplilearn fires 200 employees, blames poor performance

Bengaluru-based edtech startup Simplilearn has reportedly laid off around 200 employees, citing poor performance. The layoffs affected employees at various levels, with the sales team being hit the hardest. While Simplilearn claims that the decision was based on performance, some impacted employees stated that it happened suddenly without any recent performance reviews. The layoffs come amidst the challenging funding climate for edtech startups, with thousands of employees being laid off in the sector since the start of 2022. Simplilearn offers online upskilling courses and was majority-acquired by Blackstone in 2021.

Related News

Simplilearn’s Chief Product Officer Anand Narayanan Steps Down After 8 Years

Inc42 · 1y ago

Simplilearn’s Chief Product Officer Anand Narayanan Steps Down After 8 Years

Anand Narayanan, Chief Product Officer of Bengaluru-based edtech startup Simplilearn, has resigned from his position after eight years with the company. In a LinkedIn post, Narayanan mentioned that he wants to find his next passion project and believes that someone else can bring more energy to his role. Simplilearn had recently laid off 200 employees due to poor performance. Narayanan did not provide details about his next venture, but hinted at a possible industry change.

Simplilearn Spent INR 1.38 To Earn Every Rupee From Ops In FY23

Inc42 · 1y ago

Simplilearn Spent INR 1.38 To Earn Every Rupee From Ops In FY23

Bengaluru-based edtech Simplilearn reported a widened consolidated net loss of INR 244.2 Cr in FY23, with a 36.5% increase from the previous year. The Blackstone-backed startup saw a 50.3% rise in operating revenue, totaling INR 684 Cr. Simplilearn offers online upskilling courses and claims to provide over 400 courses and 2,500 live classes per month. The company's total expenses increased by almost 47%, with employee benefits and advertising expenses accounting for a significant portion. Simplilearn's FY23 earnings were also affected by the performance of Fullstack Academy, which it acquired.

L&T Technology Services fires 200 employees

Livemint

Livemint · 1y ago

L&T Technology Services fires 200 employees

Engineering services firm L&T Technology Services (LTTS) has reportedly laid off 200 employees in mid-to-senior roles as part of its performance cycle and to reduce role overlaps. The job cuts mainly affected delivery and support functions due to increased automation. L&T Technology Services has about 24,000 employees and discussions are underway for potential additional job cuts in January. The company, however, mentioned plans to continue hiring in areas like plant engineering, digital, AI, and software-defined vehicles.

Blackstone bought this edtech at funding's peak. Now, it's looking to exit

Livemint

Livemint · 6m ago

Blackstone bought this edtech at funding's peak. Now, it's looking to exit

Blackstone plans to sell its majority stake in Simplilearn, exploring potential buyers for the digital learning platform in which it invested $250 million in 2021. Simplilearn, offering digital upskilling globally, has shifted focus to profitability amid an edtech sector slump post-COVID. The company aims to enhance its overseas operations, especially in the U.S. Despite a slowdown in growth, Simplilearn achieved profitability recently and positions itself in a challenging funding environment.

Blackstone-controlled Simplilearn aims at operational profitability this year

VCCircle

VCCircle · 1y ago

Blackstone-controlled Simplilearn aims at operational profitability this year

Blackstone-owned edtech startup Simplilearn is targeting operational profitability this year as it looks to achieve double-digit revenue growth. The company, which offers professional certification courses globally, is preparing for a public listing within the next two to three years.

Fi Money shuts down some features, trims workforce to stay afloat

Livemint

Livemint · 29d ago

Fi Money shuts down some features, trims workforce to stay afloat

Fi Money, a neobanking startup, is facing financial challenges and struggling to secure capital from investors due to poor performance. In response, the company has laid off employees and shut down some features to manage costs and stay afloat. Despite being backed by major investors such as Temasek and Peak XV Partners, Fi Money is taking these measures to address severe runway issues and financial difficulties.

Paypal fires 2500 and UPS fires 12000 employees

Livemint

Livemint · 1y ago

Paypal fires 2500 and UPS fires 12000 employees

Payments firm PayPal is considering cutting around 2,500 jobs, or 9% of its global workforce, by 2024. CEO Alex Chriss cited the need to "right-size" the business to deliver for customers and drive profitable growth. In a separate move, logistics company UPS plans to lay off 12,000 employees to offset soft demand and higher labour costs. Both companies are taking measures to streamline operations and improve financial performance.

Blackstone-owned Simplilearn’s revenue growth slips in FY24, EBITDA loss narrows

VCCircle

VCCircle · 9m ago

Blackstone-owned Simplilearn’s revenue growth slips in FY24, EBITDA loss narrows

Blackstone-owned edtech startup Simplilearn reported a slight slowdown in revenue growth for the financial year ending March 2024. Despite this, the company managed to reduce its operating losses and aims to achieve operational profitability in the current fiscal year. Simplilearn's revenue for FY24 reached INR 773 crore, a 10% increase from the previous fiscal year. The company's EBITDA loss for FY24 decreased by 75%, positioning it for potential EBITDA profitability in the current financial year. Simplilearn provides training for professional certification courses globally.

Microsoft Layoffs: Satya Nadella’s company fires employees with immediate effect, denies severance pay

Livemint

Livemint · 6m ago

Microsoft Layoffs: Satya Nadella’s company fires employees with immediate effect, denies severance pay

Microsoft has initiated performance-based layoffs, resulting in immediate job terminations without severance pay. Affected employees were notified due to not meeting performance standards and were instructed to return company property. The layoffs, part of stricter performance management, evaluate employees up to level 80. Additionally, Microsoft has begun layoffs across other sectors, separate from performance-based terminations, including security, sales, and gaming divisions, indicating a broader organizational restructuring effort.

Edtech company Skill-Lync fires over 200 employees

Entrackr

Entrackr · 2y ago

Edtech company Skill-Lync fires over 200 employees

Engineering-focused edtech startup Skill-Lync has laid off more than 200 employees as the company plans to reduce its cost. This is the second round of layoffs at the Chennai and Palo Alto-based startup in 2023.

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