Lead, an edtech unicorn, has laid off 60 people from its product and tech teams in its second cost-reduction exercise within a span of about six months. The Sumeet Mehta-backed startup had sacked about 90 employees in August last year.
The company has, however, said these weren’t layoffs.
“We have grown 2X this year and are hiring for growth. If projects don’t meet success criteria or don’t fit our strategic road map, teams are either reassigned or asked to seek other opportunities. This is a regular business activity and a normal churn of 1-2% in an organisation of 2,000 people,” a company spokesperson said.
News website Inc42 was the first to report about the development.
This comes after Lead announcing last week that it would buy the India K-12 vertical of Pearson, the global publishing and education company. Asked if the acquisition would result in job cuts, Mehta had told FE that there won’t be any job cuts once the deal was completed in a few weeks.