Tiger Global-backed edtech soonicorn Scaler on September 8 announced that it is planning to hire over 600 professionals by December 2022.
In a statement, the company said it will recruit staff across the sales, business-to-business (B2B) enterprise, instructors, and operations teams. According to Scaler, it currently has over 1,800 employees, and the hiring spree will expand its workforce by 35 percent.
The announcement comes during a sorry time for startups as the ecosystem suffers through a funding dry-out amid a slowdown in global financial markets, compelling firms to lay off employees, shut non-core verticals and rationalise advertising and marketing spending.
Online education companies seem to have it worse. After enjoying a boom during the Covid-induced intermittent lockdowns, with students moving back to physical classes, these startups are witnessing a significant drop in demand.
Edtech startups, especially unicorns like Byju’s, Vedantu, and Unacademy, among others have made headlines, laying off close to 6,000 employees since the start of 2022.
Scaler, however, claims to have witnessed swift growth amid the slowdown.
"Our hiring plans are a result of the rapid growth we have witnessed over the last three years. With our recent expansion to the United States (US), we are eyeing a $17 million MRR (monthly run rate) in December 2022 with an ARR (annualised run rate) of $200 million,’ said Abhimanyu Saxena, co-founder of Scaler and Interviewbit.
In the statement, the company said it is currently adding over 2,500 learners monthly. The edtech startup added that it is currently positive for both cash flow and EBITDA. EBITDA refers to Earnings before interest, taxes, depreciation, and amortization.
Saxena said that since 2019, Scaler has onboarded over 25,000 learners.
“As per NASSCOM's report, India could face a 14-19 lakh techies shortage by 2026 alone. To curb this shortage, we are strengthening our support and teams to meet this growing need for skilled tech talent and continue the trajectory of 'Impact-driven' upskilling,” added Saxena.
According to Scaler, as of July 2022, the company has clocked an ARR of $100 million and aims to reach an ARR of $1 billion by December 2023.
More about the company
Scaler, an online tech education platform launched in 2019 by InterviewBit Technologies, offers a structured program for upskilling technology capabilities of learners. The company was last valued at $710 million in February, making it a soonicorn or a company valued above $500 million but under $1 billion.
Since its inception, Scaler has raised total funding of $76.5 Million.
Recently, on May 31, Scaler said it will invest $50 million in mergers and acquisitions (M&As) in 2022-23 (FY23) as the company sees a consolidation opportunity amid a slowdown in funding and a drop in valuations of edtech companies.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
