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SoftBank-backed Whatfix lays off 6% of workforce

EntrackrEntrackr · 3h ago
SoftBank-backed Whatfix lays off 6% of workforce
Medial

SoftBank-backed Whatfix lays off 6% of workforce Software-as-a-service (SaaS) company Whatfix has laid off 6% of its workforce. This marks the first layoff announced by the Bengaluru-based firm since its inception. Economic Times, which reported the development first, added that 60-80 employees were impacted in the strategic realignment. Responding to Entrackr’s queries, a company spokesperson said, “Whatfix undertook a strategic realignment to sharpen its focus on long-term, sustainable, and efficient growth in a rapidly changing market. As part of this shift, approximately 6% of our current headcount was impacted, including around 4% in our GTM (go-to-market) teams, to better align our go-to-market with the strong traction we are seeing in our AI-first product lines.” “These decisions are never easy, and we remain committed to handling the transition with care and empathy for our colleagues. We will continue to support impacted team members and ensure uninterrupted excellence for our customers,” the spokesperson added. Founded by Khadim Batti and Vara Kumar, Whatfix provides in-app guidance and performance support for web applications and software products. Its tools are used by large companies to drive efficiency. In September last year, the company raised $125 million in a Series E round led by Warburg Pincus, with participation from existing investor SoftBank Vision Fund 2. After the funding, Whatfix launched a $58 million liquidity program for employees and investors, marking its fourth ESOP buyback. While Whatfix has yet to disclose its FY25 numbers, the company’s revenue from operations grew 49% to Rs 424.58 crore in FY24 from Rs 284.74 crore in FY23. It also reduced its losses by 20% to Rs 262.63 crore in FY24. The US emerged as Whatfix’s largest revenue contributor and accounted for 72.13% of its total revenue.

Tech upskilling startup Scaler lays off 150 employees

EntrackrEntrackr · 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. “At Scaler, we’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 – something that we’ve always been committed to,” said Scaler cofounder Abhimanyu Saxena, in a statement. “As part of this restructuring, we identified some functions/roles, primarily in marketing and sales, in the company that we had to part ways with…,” 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, Scaler’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.

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