Cuemath is the most recent edtech startup to chop jobs. The layoffs have impacted near 100 jobs out of about 800 roles, citing challenges within the system. Workers throughout all capabilities together with advertising, tech, product and operations have been affected.
Manan Khurma, founder and chairman of Cuemath took to LinkedIn, the place he additionally mentioned that present CEO Vivek Sunder will likely be transitioning to an advisory position. “Our present CEO, Vivek Sunder — an exceptional hyper-scale enterprise operator — will transition from his full-time position to proceed to work with me and the group, in an advisory capability, on his many areas of experience — like acquisition funnels and GTM methods,” Khurma mentioned within the put up.
Sunder, who beforehand served because the chief working officer (COO) at Swiggy, joined Cuemath in September 2021, with Khurma taking up the chairman’s position.
In the meantime, Khurma will return as chief government of the corporate, the put up added.
The layoffs have been carried out to raised Cuemath’s enterprise metrics, resembling retention charges, the CEO added.
“Whereas it will influence some gifted individuals who have contributed quite a bit to Cuemath, we’re dedicated to supporting our affected colleagues with all the pieces they should guarantee a easy transition into the following part of their skilled journey,” he mentioned.
In June 2022, the Bengaluru-based startup raised $57 million in a Sequence C spherical, led by Alpha Wave. The corporate was valued at round $400 million over the past spherical.
“Valuations have grow to be extra reasonable with rationalisation hitting the market; solely these growth-stage startups with stable enterprise fundamentals can now set up belief with VCs,” Sunder had mentioned.
Cuemath was based by Khurma in 2013, which is an after-school on-line math tutoring platform for kindergarten to Twelfth-grade college students.
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