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Edtech platform MasterClass lays off 20% of its employees

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As edtech platforms continue to lay off workers in India, a celebrity-driven leather provider in the US master class has announced a 20% cut in its workforce.



MasterClass CEO David Roger said the decision had been made to “adapt to the deteriorating macro environment and accelerate self-reliance.”

The layoff will affect nearly 120 people across all teams of the 600-strong workforce.

“It was the hardest decision I’ve had to make since we launched 7 years ago as our team poured their heart and soul into MasterClass. They are some of the most creative, curious, caring and committed people in the world,” Rogier tweeted on Wednesday leave.

He said this very difficult move will “strengthen our position both financially and strategically, enabling us to serve our members, employees and instructors for many years to come.”

The edtech company, last valued at $2.75 billion, has pledged to provide health care to affected workers until the end of the year, reports TechCrunch

MasterClass made distance education available with ambitious content (entertainment) from celebrities such as Serena Williams and Issa Rae.

MasterClass has raised more than $460 million from investors including IVP, NEA and Owl Ventures.

Even former World Chess Champion Garry Kasparov launched a platform “MasterClass for Chess Lovers”.

MasterClass charges an annual subscription fee of $180 for people to access the library of content.

In India, edtech platforms have laid off more than 3,600 employees so far. In total, nearly 10,000 workers have lost their jobs in the Indian startup ecosystem in the past 2-3 months.

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