Info Edge-backed Edtech startup, Udayy has reported shutting down. This has caused the startup in laying off all its hundred employees.
The co-founder of Udayy Saumya Yadav said, “This comes on the back of kids moving back to schools in the post-pandemic world.”
“Udayy was witnessing the post-pandemic world for the first time. As the kids went back to school, we faced roadblocks in growing the original model of online, live learning. We evaluated multiple different strategies and adjacent pivots however none of them was promising enough,” said cofounder Saumya Yadav
She added, “After a lot of deliberation, we decided that it’s better to shut down the business than to spend more time and capital on it. Our investors, team members, and customers have been very supportive.”
She further added, “We have refunded money to all our customers and paid a generous severance to our team members and teachers. We have already helped place nearly 100 percent of our employees into new jobs at other promising companies. We are returning the remaining capital, around USD 8.5 million back to our investors.”
The company was founded by IIT Delhi and Stanford University alumni Yadav, Mahak Garg, and Karan Varshney, alumni of IIT Delhi and Stanford University. A live-learning platform for students of Grades 1 to 5, had its first angel funding round in June 2019.
Earlier many companies like Unacademy, Cars24, Vedanta, Meesho, Trell, Furlenco, MPL, Front Row, Yaari, and many others laid off more than 5,500 employees in India.
Also, Ola laid off about 2,100 employees in the January-March quarter this year, followed by Unacademy (over 600), Cars24 (600), and Vedantu (400). The commerce firm Meesho laid off 150 employees, and Furlenco 200.
