Cuemath Layoffs: Challenges Faced by Edtech Startups
Cuemath is a Bengaluru-based edtech startup that was founded in 2013 with the aim of transforming the way math is taught to children across India and other countries. The company has been successful in its mission so far and has garnered a lot of attention and investment from various investors. Cuemath’s unique approach to teaching math has helped it stand out in the crowded edtech space, and the company has been able to raise a substantial amount of funding to fuel its growth.
History
Cuemath was founded in 2013 by Manan Khurma, an IIT Delhi alumnus, with the goal of helping children develop a love for math. The company’s approach to teaching math is based on a unique combination of technology, personalization, and gamification. The Cuemath program is designed to make math fun and engaging for children, and to help them develop a deep understanding of the subject.
Over the years, Cuemath has grown rapidly and has become one of the most successful edtech startups in India. The company has raised $121 million in funding so far, and has been backed by top investors such as Sequoia Capital, CapitalG, and Manta Ray Ventures.
Layoffs
However, despite the success and growth of Cuemath, the company recently announced that it would be laying off 100 employees in order to cut costs. This move comes after the company had already laid off 50 employees earlier this year. The layoffs are said to be a result of the Covid-19 pandemic which has had a significant impact on the edtech industry.
The layoffs represent a Lay-Off % of around 2% of Cuemath’s workforce. The company did not disclose the exact positions or departments that would be affected by the layoffs.Â
A statement from Cuemath’s CEO, Manan Khurma, said that the company was taking all necessary measures to ensure the sustainability of the business and to continue providing quality education to its students.
Industry and Source
The edtech industry in India has seen tremendous growth in recent years. With the pandemic and the closure of schools, the demand for online education has surged even further. Cuemath is one of the leading players in the Indian edtech industry and has carved out a niche for itself with its innovative approach to teaching math.
The news of the layoffs was first reported by Inc42, an Indian media platform that covers startups and the Indian startup ecosystem. The report cited anonymous sources who claimed that the layoffs were a result of the company’s struggle to maintain profitability in the face of rising costs and the impact of the pandemic on the edtech industry.
The layoffs at Cuemath serve as a reminder of the challenges that edtech startups are facing in a post-pandemic world. While the edtech industry has seen unprecedented growth in recent years, the pandemic has also brought with it a lot of uncertainty. Cuemath’s decision to lay off employees is a tough one, but it is also a necessary one in order to ensure the survival and long-term success of the company. It remains to be seen how other edtech startups will navigate the challenges of the pandemic, but one thing is clear – the demand for online education is here to stay.
