WhiteHat Jr, the kids-focused coding platform that edtech giant Byju’s acquired for $300 million two years ago, has eliminated about 300 roles in recent days, and is the latest in a series of startups globally to cut workforce amid the market downturn.
The layoff impacts the startup's teams globally, including in Brazil. The parent firm Byju’s, India's most valuable startup and which invested about $2.5 billion in the last fiscal year to acquire a number of businesses, said it is “realigning” its business priorities.
“WhiteHat Jr is focused on providing quality education to young students while continuing to build a strong business. To realign with our business priorities, we are optimising our team to accelerate results and best position the business for long-term growth,” the spokesperson said.
The Tuesday development marks the latest in a growing series of layoffs among Indian startups.
BlinkIt, formerly known as Zomato-owned Grofers, a struggling online grocer, online learning platforms Unacademy, Eruditus and Vedantu, cars marketplace Cars24, e-commerce marketplace Udaan, fintech Rupeek, social commerce Meesho and online pharmacy PharmEasy are among startups that have let go employees in recent weeks.
Jobs of over 10,000 employees in India have been eliminated this year due to the market correction (or so has been the single most popular excuse), according to estimates. Investors in India, as is the case elsewhere, have significantly slowed the pace of their investments as tech stocks globally fall to a level not seen in recent years.