'Udayy' lays off all 100 employees

Another Info Edge-backed edtech business, Udayy, has shut down, laying off all 100 staff as schools, colleges, and physical tuition centers reopen. According to Udayy co-founder Saumya Yadav, the firm was experiencing the post-pandemic reality for the first time because "when the students returned to school, we faced barriers in extending the original concept of online, live learning."

"After much thought, we determined that it is best to close the firm than to invest additional time and capital in it," Yadav explained. Entrackr, a fledgling news coverage portal, broke the news first. Employees were given severance payouts and assistance in finding new positions by the startup.

"We are returning the remaining capital, around $8.5 million back to our investors," Yadav was quoted as saying in media reports. The live-learning platform catered to students in grades one through five. The platform received $2.5 million in seed funding from Alpha Wave Incubation (AWI), which is managed by Falcon Edge Capital and InfoEdge Ventures.

Udayy is the second edtech venture to cease operations, following Lido Learning. Led by the edtech platforms, over 8,000 start-up employees have been recently hit by layoffs In India.