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Scaler confirmed the event and mentioned it was a part of a method for long-term development and sustainability. It, nonetheless, didn’t disclose what number of employees have been affected.
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One of many sources cited earlier mentioned about 17% of the 900 full-time staff on the startup have been requested to go.
The Bengaluru-based firm has about 1,400 staff, together with part-time employees, contractual staff and interns, the individual mentioned.
Scaler mentioned the layoffs weren’t primarily based on efficiency.
“We now have designed a brand new method of working to have the ability to obtain sustainable development whereas delivering one of the best studying expertise and outcomes for our learners–something that we have at all times been dedicated to,” cofounder Abhimanyu Saxena instructed ET. “As a part of this restructuring, we recognized some features/roles, primarily in advertising and gross sales, within the firm that we needed to half methods with.”
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Complete bills on the agency had elevated by 2.7 instances to Rs 654.6 crore, considerably pushed up by worker bills of Rs 322.07 crore within the yr ended March 2023. It had, nonetheless, additionally reported a 4.8 instances improve in yearly operational income to Rs 316.7 crore throughout the interval, wherein it raised no exterior capital.The event was first reported by information web site MoneyControl.
In April 2023, the corporate introduced the launch of Scaler Faculty of Expertise, a four-year residential undergraduate pc science programme designed for the subsequent technology of India’s software program professionals.
The next month, Scaler introduced the acquisition of Delhi-based training platform Pepcoding for an undisclosed quantity as a part of a plan to strengthen its enterprise ecosystem. This was the corporate’s fourth acquisition over 2022 and 2023 after AppliedRoots, Coding Minutes and Coding Components.
Final yr, Scaler achieved optimistic money circulation and was worthwhile within the July-September quarter. The purpose for 2024 was to keep up that over the subsequent few quarters and result in annual profitability, the corporate had mentioned whereas saying the appointment of Tapan Jindal as chief monetary officer in January this yr.
The startup had final raised $55 million in Collection B funds from traders led by Lightrock India, which pushed up its valuation to $710 million. The corporate’s different traders embody Peak XV Companions (previously Sequoia Capital India) and Tiger International.
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