Introduction
In recent years, the trend of layoffs has become commonplace in the corporate world. The global pandemic has further contributed to this phenomenon, with companies struggling to survive in a challenging economic climate. These layoffs have come as a shock to employees, who are left struggling to make sense of sudden joblessness. In this blog, we’ll be discussing one such case of layoffs at Graphy, a Bengaluru-based education technology company.
Company History and Funding
Graphy is an education technology startup that aims to revolutionize online learning. It was founded in 2022 by a group of young entrepreneurs with a passion for education. The company has raised a total of 5 million dollars in funding, with its most recent round being led by Sequoia Capital India. The startup has attracted investors from Silicon Valley and India, including Accel and Lightspeed Ventures.
Performance
Graphy’s focus on education technology has led to its rapid growth, and the company has been hailed as a disruptor in the online learning space. In its first year of operation, the company reached over 500,000 learners across India, offering a range of courses from coding to music. The startup has been valued at over 25 million dollars, making it one of the most exciting prospects in the Indian startup ecosystem.
Reasons for Layoffs
Despite its promising start, Graphy recently announced that it would be laying off 20% of its workforce. The decision was met with surprise and disappointment by its employees, many of whom had been with the company since its inception. The layoff announcement came as a shock, given the positive trajectory of the company’s growth.
According to sources, the decision was made in light of the company’s focus shifting towards offline operations. Graphy plans to expand its presence in offline education by launching learning centers across India. The company believes that this model will allow it to better reach learners who may not have access to reliable internet connectivity.
Response from Stakeholders
In response to the layoffs, Graphy’s CEO stressed that the decision was a difficult one but necessary for the company’s growth. “We are a young company, and we understand that these decisions can be painful for our employees. However, we believe that this is the right move for us as we focus on our expansion into offline education,” he said. The CEO also stated that Graphy would provide support and guidance to affected employees to help them during their transition.
