Indian upskilling platform SkillLync cuts 20% jobs to streamline operations

News Summary

  • That acquisition also brought the staff and additional cost burdens that Skill-Lync had to digest.Startups in the Indian technology ecosystem are facing significant challenges raising money right now due to a slowdown in the funding market.
  • It has raised a total of $20 million across seed and Series A funding rounds, with $17.5 million of that coming from a Series A in 2021.In November, Skill-Lync acquired edtech startup Crio, which was funded by former Flipkart executives including co-founder Binny Bansal.
  • Online training and education platforms saw a huge surge of usage during the pandemic when many were rethinking their careers, looking for training and spending more time doing that online rather than in person.
  • Other edtech startups, including Byju’s and Unacademy, have also cut jobs to streamline operations and reduce their costs.
  • Now, with many returning to their pre-pandemic conventions, some of that demand has tailed off with the return of offline and hybrid classes.Skill-Lync is just one of many startups going through these difficulties.
  • A top Byju’s shareholder last month cut the value of its stake, leading to an implied 76% decline in Byju’s overall valuation.
SkillLync, an Indian startup offering upskilling programs, has laid off 20% of its workforce around 225 employees to reduce operational costs amid the ongoing, global funding crunch for startups.T [+3000 chars]