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SkilL-Lync, an Indian edtech startup reduced its workforce by 20%, laying off around 225 employees on June 27. In recent years, Skill-Lync has faced increasing competition from other edtech companies. The company has also been affected by the global funding crunch. As a result, Skill-Lync has laid off employees in recent months. This is the second round of layoffs at the company in 2023 after it laid off over 400 employees in April.
According to a report by TechCrunch, Suryanarayanan Paneerselvam, Skill-Lync co-founder, said it was a strategic decision to “streamline operations and limit future content and production investments.”
“This decision was not taken lightly, and we have done our utmost to ensure that the process was as transparent and fair as possible for the employees involved,” he added.
It was reported that the salaries of the employees affected by the job cuts were delayed by the company. In response to this, Paneerselvam denied the claim and said Skill-Lync did make salary payments. However, he did not confirm if the employees received their last-due salaries and severance packages.
C-level employees remain unaffected
Paneerselvam confirmed that the layoffs did not impact any C-level positions (chief operating officer, chief financial officer, chief executive officer, among others ) at the company. He mentioned that the startup was on track to achieve operational profitability by Q4 2023. “We have a solid plan in place and an adequate runway to not only reach this milestone but also to sustain our operations beyond that,” he said.
Skill-Lync is an online education company that provides courses in engineering, data science, and other technical domains. The company was founded in 2015 by Suryanarayanan Paneerselvam and Sarangarajan V. Headquartered in Palo Alto, the company’s courses are delivered through a combination of video lectures, interactive exercises, and live Q&A sessions.
Layoffs in other ed-tech startups
Other edtech startups like Byju’s and Unacademy, have also cut jobs, with an aim to streamline operations and reduce costs. Byju’s laid off about 3,500 employees while Unacademy sacked 1,350 employees.
According to a report by TechCrunch, Suryanarayanan Paneerselvam, Skill-Lync co-founder, said it was a strategic decision to “streamline operations and limit future content and production investments.”
“This decision was not taken lightly, and we have done our utmost to ensure that the process was as transparent and fair as possible for the employees involved,” he added.
It was reported that the salaries of the employees affected by the job cuts were delayed by the company. In response to this, Paneerselvam denied the claim and said Skill-Lync did make salary payments. However, he did not confirm if the employees received their last-due salaries and severance packages.
C-level employees remain unaffected
Paneerselvam confirmed that the layoffs did not impact any C-level positions (chief operating officer, chief financial officer, chief executive officer, among others ) at the company. He mentioned that the startup was on track to achieve operational profitability by Q4 2023. “We have a solid plan in place and an adequate runway to not only reach this milestone but also to sustain our operations beyond that,” he said.
Skill-Lync is an online education company that provides courses in engineering, data science, and other technical domains. The company was founded in 2015 by Suryanarayanan Paneerselvam and Sarangarajan V. Headquartered in Palo Alto, the company’s courses are delivered through a combination of video lectures, interactive exercises, and live Q&A sessions.
Layoffs in other ed-tech startups
Other edtech startups like Byju’s and Unacademy, have also cut jobs, with an aim to streamline operations and reduce costs. Byju’s laid off about 3,500 employees while Unacademy sacked 1,350 employees.
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