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HomeNewsBusinessStartupSaudi edtech Noon shuts India classes, holds back teacher salaries amid fund crunch
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Saudi edtech Noon shuts India classes, holds back teacher salaries amid fund crunch

The company promised to pay educators’ salaries in February, after a delay of over eight months, with a bonus to compensate. However, many former teachers have still not received any compensation and Noon has asked for more time to clear the dues.

Mumbai/Bengaluru / March 15, 2023 / 11:15 IST
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Noon Academy

Noon Academy is said to have laid off staff across roles in India after discontinuing classes and holding back teachers’ salaries for over eight months in what seems to be another case of an edtech startup facing a slowdown in demand and a funding dry-out.

The Saudi Arabian startup, which first said it would clear the dues by February, asked for an extension on the payments, saying it was waiting to close an ongoing funding round to clear the salary dues.

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“Unfortunately, we are facing some delay in closing the upcoming funding round which we initially anticipated to happen in Jan 2023. We are now hopeful that we will close the next round of funding by May 2023 as we have strong commitments from our investors,” Noon Academy said in an email to staff dated March 14, which Moneycontrol reviewed.

The company said it plans to pay part of the dues by the end of March and disburse the remaining amount by the end of May.