Vedantu lays off 424 employees, CEO says 'I am truly sorry'

Bengaluru-based edtech startup Vedantu is laying off 424 of its 5,900 employees. "I am truly sorry," Vedantu CEO Vamsi Krishna told laid-off employees. In an e-mail to all Vedantu employees, he wrote, "External environment is tough. War in Europe, impending recession fears, and Fed rate interest hikes have led to inflationary pressures with massive correction in stocks...capital will be scarce."