The Lightspeed Venture Partners-backed edtech firm had earlier fired 45 staffers in November 2022 to seek better operational efficiencies, the person added.
Teachmint confirmed the layoffs, without commenting on the number of roles affected, in response to ET’s query on the matter.
“Some roles have been unfortunately impacted as we work on increasing structural efficiencies in our operations,” a company spokesperson said in the statement. “We have proactively communicated to the impacted colleagues and are working on providing them comprehensive support.”
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The impacted employees will receive three months of payroll support, six months of continued health insurance benefits for themselves and family, continued access to mental health counselling, an acceleration of nine months vesting period for stock options of those eligible, and outplacement support, the statement added.
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Inc42 was the first to report the developments on Friday.Teachmint was founded in May 2020 by Mihir Gupta, Payoj Jain, Divyansh Bordia and Anshuman Kumar. It started off as digitising tool for individual tutors. Through 2020 and 2021, the startup has unified these tools into a full-stack school management software suite, targeting enterprises.
Edtech unicorn Lead, a direct rival in this space, had also carried out layoffs in August 2022 reportedly.
Bengaluru-based Teachmint last raised a $78 million Series B funding round led by Rocketship.vc and Vulcan Capital with participation from new investors Goodwater Capital and Epiq Capital in October 2021.
Also read | Startups fire 9,400 employees between January- March, more cuts coming
At the time, Teachmint claimed to have over 700,000 teachers on its platform. It had also said it would use the funds to strengthen its proprietary classroom technology and expand into international markets. The funding round had pegged the company at $500 million, ET had reported, citing sources.
Job cuts across the larger edtech space reiterate the stress that the online education sector is witnessing after Covid-led tailwinds have subsided and offline education centres are back at full capacity.
Two months ago, test preparation unicorn Unacademy cut 12% of its workforce in another round of layoffs, and in February, Byju’s had dismissed 1,000 employees including several senior roles in verticals like strategy, technology, and product in its latest round of layoffs, as ET had reported.
Late last month, ET reported that startups across sectors had laid off about 9,400 employees in the January to March period, citing exclusive data from recruitment firm Careernet. “The situation will likely not improve in the next two quarters,” Anshuman Das, cofounder and CEO of Careernet, had told ET.