A Linkedin post by a former Adventus.io employee in late December 2022 stated that:
Over 50 staff pan India was [sic] laid off on all of the sudden zoom call at Adventus.io last weekLinkedin
Several sources with direct knowledge of the matter confirmed that affected staff were called to a meeting on 21 December and advised that their employment was terminated with immediate effect. The majority of staff who were laid off worked in the Noida office in India. One staff member in Vietnam was also made redundant. The staffing cuts included several senior India-based staff members.
In response to a request by AgentBee for comment, Adventus.io advised that the number of staff laid off in India was less than 40. The staff were mainly in the Customer Success Division, with a small number in Admissions, Sales, and People & Culture, “mostly due to the amalgamation of divisions.”
Commenting on the staffing cuts, Adventus.io’s CEO, Victor Rajeevan, said:
It is always hard to make these decisions because these team members have contributed so much to our journey so far. This is always a last resort for any organisation, and although only a small part of our global team, it doesn’t make this any easier.
We understand that this is a difficult time for some team members, and we are grateful for all our team members’ hard work and dedication. We are committed to ensuring that our team members are supported during this transition.Victor Rajeevan, CEO, Adventus.io
Mr Rajeevan also explained that there were two main reasons for the staffing cuts:
After nearly three years in the market and a complete cycle of intakes, we have a clear view, supported by platform data and learnings that will allow us to deliver the best long-term impact for the sector and leverage our ecosystem and technology better. As such, it was time for us to evolve our strategy and the operating model and restructure, building on the success we have built, with an increased focus on technology, ensuring we serve students, our institutions, and recruiters partners on the platform.
Additionally, the well-documented current global climate means technology businesses worldwide are preparing for uncertainty in 2023. After three years of rapid growth and almost 600% growth in students enrolled in 2022, still, with the economic uncertainty, it is also prudent to ensure we are self-sustaining and not rely on capital markets over the next few years. This will put us in a unique position and ensure the long-term objective of our mission.
Reflecting on the future, the CEO said:
These recent changes will not impact our partners, and we are committed to providing our partners with the best possible service and support. We still have more than 400 team members globally, and growth on the platform will see us more than double enrolled students in 2023, ensuring compliant growth for our partners.
The staffing cuts at Adventus.io follow job losses at ApplyBoard, which laid off 90 staff in late November 2022.
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