Following industry peers, Technology-based school LEAD has layoffs 80–90 employees in the past few weeks.
According to an Entrackr source LEAD has also confirmed but it did not disclose exact numbers of layoffs.
With this layoff, LEAD’s has joined the likes of fellow Unicorns Byju’s, Unacademy and Vedantu in reducing headcounts. It’s worth noting all these companies went for mass layoffs in a bid to cut costs and extend their runway; LEAD and Eruditus have not quite gone for cuts at the same scale yet. As per media reports, Byju’s has fired around 2,500 employees while Unacademy sacked more than 600 employees.
LEAD School has raised a total of $166M in funding over 5 rounds. Their latest $170 million in funding was raised in January 2022 from a Series E round at a $1.1 billion valuation and turned out to be a unicorn.
LEAD School, founded by couple Sumeet Mehta and Smita Deorah, works with thousands of K-12 schools where it has integrated its platform that helps them secure books and other resources from vendors, thereby cutting middlemen and bringing quality assurance. Most of the schools serve low-income families, and LEAD estimates it will have over 5,000 schools in April when the new session starts.
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