Google-backed edtech firm Adda247 has laid off round 200 workers, or almost 20% of its workforce, as a part of a restructuring drive forward of a deliberate preliminary public providing (IPO) within the subsequent 12-18 months, based on the media reviews.

The job cuts affected workers throughout a number of divisions, together with product, design, content material, CUET preparation, and educating workers concerned in UPSC and judiciary teaching programmes, the report stated.

“The restructuring was throughout capabilities and never restricted to any single crew or vertical. We stay dedicated to supporting all impacted workers consistent with their contracts and relevant insurance policies,” Adda247 stated with out revealing the precise variety of impacted workers.

The corporate additionally stated its general headcount had remained “broadly secure” over the previous 12 months because it continued selective hiring for key roles.

The restructuring is predicted to assist the corporate save about Rs 5 crore yearly, as per the media reviews.

“As we scale and our person base grows, we usually consider how our groups, constructions, and objectives are aligned to serve our prospects higher,” the corporate stated.

“As a part of this course of, we made some structural changes throughout the organisation to sharpen our focus, enhance execution, and guarantee we construct round our learners’ wants,” it stated.

Based in 2016 by Anil Nagar and Saurabh Bansal, Adda247 provides preparation programs for greater than 500 examinations, together with CUET, IIT-JEE, NEET, UPSC and authorities recruitment exams. Its companies embody reside lessons, video programs, mock assessments and examine materials.

The corporate has raised round $67 million in funding from buyers together with Google, WestBridge and Data Edge.