News on Medial

Related News

Tech upskilling startup Scaler lays off 150 employees

EntrackrEntrackr ยท 1y ago
Tech upskilling startup Scaler lays off 150 employees
Medial

Tech upskilling startup Scaler has laid off around 150 employees citing long-term growth and sustainability. This is the first instance of layoffs at the Bengaluru-based company since its inception in 2019. โ€œAt Scaler, weโ€™ve always believed that education is a primary human need, and tech education, more so. It is imperative that we look at how we operate for long-term growth and sustainability. As part of this, we have designed a new way of working to be able to achieve sustainable growth while delivering the best learning experience and outcomes for our learners โ€“ something that weโ€™ve always been committed to,โ€ said Scaler cofounder Abhimanyu Saxena, in a statement. โ€œAs part of this restructuring, we identified some functions/roles, primarily in marketing and sales, in the company that we had to part ways withโ€ฆ,โ€ Saxena added. Saxena further added that this was not a performance-driven decision and the firm assures all those affected are provided with the necessary support to ensure a smooth transition. Moneycontrol reported the development first. Scaler focuses on upskilling college students and tech professionals. The company offers an intensive six-month computer science course through live classes delivered by tech leaders and subject matter experts. The firm has raised over $75 million across rounds from the likes of Lightrock India Peak XV Partners and Tiger Global. The firm last raised $55 million in Series B in February 2022 at a valuation of $750 million and was on the verge of becoming seventh unicorn from the edtech space. For the fiscal year ending in March 2023, Scalerโ€™s revenue from operations increased 388% to Rs 317 crore from Rs 65 crore in FY22. The firm recorded a loss of 330 crore in FY23, a 90% surge from Rs 174 crore in FY22. Scaler competes with Newton School, Masai School, and to some extent with Simplilearn. As per data compiled by startup data intelligence platform TheKredible, Indian startup ecosystem saw more than 1,100 employees getting fired during the first quarter of 2024. Among them, foodtech company Swiggy topped the list with laying off 350 employees followed by Cult.fit, InMobi, and Pristyn Care with 150, 125 and 120 employees, respectively.

Exclusive: Bobble AI lays off 50 employees amid organizational redesign

EntrackrEntrackr ยท 13d ago
Exclusive: Bobble AI lays off 50 employees amid organizational redesign
Medial

Exclusive: Bobble AI lays off 50 employees amid organizational redesign According to the company, it is supporting outgoing employees with an Employee Assistance Program, career coaching, and well-being sessions. Bobble AI, the homegrown AI-powered communication and data intelligence startup, has laid off about 50 employees in a recent round of restructuring, according to three sources aware of the matter. "The move was communicated internally and has been attributed to the companyโ€™s ongoing fundraising challenges. The layoffs were linked to the slowdown in closing fresh funding,โ€ said a source, requesting anonymity. Bobble AI confirmed the development to Entrackr. โ€œBobble AI recently undertook an organizational redesign to align with our long-term strategic priorities and commitment to stakeholders. This meant reflection and looking into 3 Ps โ€“ Projects, Processes and People. This decision was not driven solely by fundraising but by our focus on building a leaner, more resilient company. We remain confident about our growth path and committed to innovating in AI-powered communication and data intelligence,โ€ said Ankit Prasad, founder of Bobble AI, in a statement. However, the company did not comment on how many employees were impacted by the layoff. Entrackr had earlier reported that Bobble AI is raising fresh funds at a 30% lower valuation. According to startup data intelligence platform TheKredible, the Gurugram-based company has raised around $35 million, including $26 million in a mix of primary and secondary capital from Krafton Inc in September 2022. Krafton controls nearly 25% stake in the 12-year-old company. Bobble.ai offers an AI-powered Indic keyboard supporting over 120 languages, with facial recognition for personalized GIFs and stickers. Integrated with WhatsApp and Facebook (Meta), the company monetizes through ads, data insights, subscriptions, and branded merchandise. For the fiscal year ended March 2024, Bobble AI registered a 25% growth in revenue to Rs 37.67 crore. However, its losses also widened by 40% to Rs 60.88 crore in the same period. The firm is yet to report its FY25 numbers.

Download the medial app to read full posts, comements and news.