Given the need to deeply focus on building a great learning and consumer experience, I will get back into the role of running the company day-to-day as CEO: Khurma
Its current CEO, Vivek Sunder, will transition from his full-time role to continue to work with the startup in an advisory capacity
The development comes after it raised $57 Mn last June
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Edtech startup Cuemath has restructured its management and laid off its employees, adding another name to the list of edtech startups taking the layoff route.
Cuemath founder Manan Khurma has returned as its full-time CEO, Khurma said in a post on Linkedin. “Given the need to deeply focus on building a great learning and consumer experience (LCX), I will get back into the role of running the company day-to-day as CEO,” he said.
Cuemath’s current CEO Vivek Sunder will transition from his full-time role to continue to work with the startup in an advisory capacity in his areas of expertise such as acquisition funnels and GTM strategies.
“Some functions and roles will also be rationalised to reflect our increased focus on LCX and retention. While this will impact some talented people who have contributed a lot to Cuemath, we are committed to supporting our affected colleagues with everything they need to ensure a smooth transition into the next phase of their professional journey,” Khurma added.
Founded in 2013 by Manan Khurma and Jagjit Khurma, Cuemath has a presence in over 80 countries. Besides Google, the startup is backed by marquee investors like Sequoia Capital, Alpha Wave Incubation, and Lightrock India.
The development comes after it raised $57 Mn last June in a fresh equity funding round led by Alpha Wave to strengthen its products and services and scale the business.
Cuemath’s standalone net loss widened 65.7% year-on-year (YoY) to INR 216.6 Cr in the financial year 2021-22 (FY22). Cuemath had posted a net loss of INR 130.7 Cr in FY21. Its operating revenue jumped 64% to INR 148 Cr in FY22 from INR 90.8 Cr in FY21.
Recently, Bengaluru-based edtech startup Teachmint laid off over 70 employees, Inc42 reported. Amid the funding winter and macroeconomic pressures, around 20 edtech startups have conducted layoffs to cut costs. As per the Inc42 layoff tracker, over 10,000 employees have been laid off from the edtech sector alone.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.