Edtech startup Teachmint laid off 45 employees, or around 5% of its workforce, last week, sources told Inc42.
According to the sources, the laid-off employees were from the sales and operations teams. The startup provided a three-month severance package and extended health coverage to the affected employees. It would also hasten ESOP vesting for affected employees. Teachmint blamed the layoffs on its efforts to improve long-term efficiencies and eliminate redundancies. According to Inc42’s layoff tracker, Indian startups have fired over 16,000 employees so far in 2022.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
