Tiger Global-backed Scaler, on November 17, announced 10 days of paid time off for all its employees at the end of the year from December 21 to January 1.
The upskilling platform said the company-wide year-end shutdown is to offer ‘gratitude’ to employees for their efforts throughout the year that turned out to be a struggle for Indian edtech companies.
"Times are tough, and we are constantly surrounded by news that has created anxieties in the edtech sector. These year-end leaves are just one of the many ways we acknowledge our team's efforts and contributions throughout the year,” said Abhimanyu Saxena, co-founder of Scaler, in a statement.
The startup addressed the issues of 'high attrition, burnout, and quiet quitting, among others,' in Indian companies, and said "the onus is on employers to create an environment that fosters productivity and mental and physical well-being," in the statement.
Also Read: Scaler announces 12 days of period leave for women, transgender employees
A year of struggle for Edtech
After a year of hyper-funding pouring into the startup ecosystem in 2021, Indian startups especially ed techs saw investments into the sector drying up, amid an overall funding winter this year.
Layoffs, restructuring, and shutdowns in the sector made headlines. The K-12 (Kindergarten to standard 12) segment was the worst hit with offline classes opening up.
Scaler’s year
Meanwhile, upskilling platforms seemed to hold their ground strong as during times of job losses and recessionary fears, learners tend to upskill themselves.
Scaler in an emailed response to Moneycontrol earlier said that the company’s annual revenue run rate (ARR) topped $110 million as of August 2022.
The company, in the statement shared today, said the ‘gratitude leaves’ are also to reward employees for a profitable year. However, Scaler has not announced its FY22 results yet.
More on Scaler’s plans
Saxena added that the company has big plans for the year 2023. “We hope this time off will allow our team to come back stronger, happier, and motivated to smash several glass ceilings,” he said.
Scaler also said it has budgeted Rs 5 crore for employee benefits, engagement efforts, culture-building activities, and learning and development. The company added it will continue to hire across teams.
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