-: FOLLOW US :- @theinsaneapp
Edtech unicorn UpGrad has laid off almost 120 employees at Impartus Innovations, a video-learning solutions provider it had acquired in 2021.
-: FOLLOW US :- @theinsaneapp
The layoffs affected at least 30% of Impartus employees, making it one of several edtech firms to restructure and cut costs during the ongoing funding winter.
-: FOLLOW US :- @theinsaneapp
UpGrad has not responded to email queries about the layoffs.
-: FOLLOW US :- @theinsaneapp
UpGrad has made at least 14 acquisitions to date, including five in 2022.
-: FOLLOW US :- @theinsaneapp
UpGrad acquired Impartus in 2021 and subsequently launched UpGrad Campus to provide educational institutions with technology and resources for online courses.
-: FOLLOW US :- @theinsaneapp
Impartus's tech platform was merged into UpGrad Campus after the acquisition.
-: FOLLOW US :- @theinsaneapp
This is the second instance of layoffs at an UpGrad-owned subsidiary after around 70 employees were laid off at Harappa Education in December 2022.
-: FOLLOW US :- @theinsaneapp
The edtech industry has seen a downturn in funding, leading several companies to resort to restructuring and cost-cutting measures.
-: FOLLOW US :- @theinsaneapp
Despite the layoffs, UpGrad plans to continue expanding and investing in the edtech space.