Scaler, a tech business that upskills workers, let go of about 150 workers, citing sustainability and long-term growth. Since its founding in 2019, this is the first time the Bengaluru-based company has experienced layoffs.
“At Scaler, we have long held the view that education-especially tech education-is a fundamental human necessity. Examining our operations in order to achieve sustainability and long-term growth is essential. In order to accomplish sustainable expansion while providing the greatest learning environment and results for our students-a goal to which we have always been dedicated-we have developed a new method of working for this purpose, according to a statement from Scaler cofounder Abhimanyu Saxena.
“We had to part ways with several functions/roles in the company as part of this restructure, especially in marketing and sales,” Saxena continued.
Saxena went on to say that the company guarantees that everyone impacted will receive the support required to enable a smooth transition and that this was not a choice driven by performance.
Upskilling tech workers and college students is Scaler’s main goal. The organization provides a tough six-month computer science education taught by subject matter experts and tech leaders in live classes.
With rounds from investors like Lightrock India Peak XV Partners and Tiger Global, the company has raised approximately $75 million. At a valuation of $750 million, the company last raised $55 million in Series B funding in February 2022, putting it in position to become the seventh unicorn in the edtech sector.
Scaler’s operating revenue increased by 388% to Rs 317 crore for the fiscal year that ended in March 2023 from Rs 65 crore for the previous year. The company’s FY23 loss of Rs 330 crore was a 90% increase over FY22’s loss of Rs 174 crore.
Newton School, Masai School, and Simplilearn are competitors of Scaler.
In the first quarter of 2024, over 1,100 employees were let go from the Indian startup ecosystem, according to data provided by startup data analytics platform TheKredible. The foodtech startup Swiggy was the most top in this regard, having laid off 350 workers. Cult.fit, InMobi, and Pristyn Care came in second and third, with 150, 125, and 120 employees, respectively.
