FrontRow cuts off 75% of workforce
By MYBRANDBOOK
FrontRow has announced plans to lay off 75% of its workforce, around 130 employees. The firm will now be left with a barebones team of 40 employees.
FrontRow Co-founder Ishaan Preet Singh said in a statement, “Unfortunately, over the past couple of months, it’s also become clear that the business fundamentals were still not working despite our best efforts. As we realized that a sales and marketing led approach to this market didn’t work with our current delivery model, we had to let go of a large part of our team.”
This is the second large layoff at FrontRow in recent months; the startup, founded by Mikhil Raj, Shubhadit Sharma and Ishaan Preet Singh, had fired 30% of its workforce in May. FrontRow’s business model revolves around having celebrities teaching courses in their respective fields.
The idea saw investments in the millions of dollars from the likes of actress Deepika Padukone, Elevation Capital, and Lightspeed. Last September, it raised $14 million in a Series A round led by Eight Roads Ventures. That round also saw investments from Ashneer Grover and Kunal Shah.
Funding in edtech startups also plummeted from $5.82 billion in 2021 to $2 billion in 2022 till August 15. In the past couple of months, there were few sizable edtech deals such as Sunstone($35 million), Adda247 ($35 million) and Bhanzu ($15 million).
As per data, edtech accounted for more than 30% of overall layoffs in the Indian startup ecosystem in 2022. The list includes Byju’s (Toppr, WhiteHat Jr), Unacademy, Vedantu, LEAD, Eruditus, Frontrow, and Invact Metaversity. This year, Lido, Udayy, SuperLearn and Crejo.Fun shut their operations.
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