New Delhi, April 10 (IANS): Homegrown edtech startup Scaler has slashed around 10 per cent of its workforce, or 150 employees, in a restructuring exercise, a media report said on Wednesday.

As per the startup, the restructuring exercise will help it reach long-term growth and sustainability, reports Inc42.

"As part of this restructuring, we identified some functions/roles, primarily in marketing and sales, in the company that we had to part ways with," Scaler founder Abhimanyu Saxena was quoted as saying.

In addition, the company mentioned that the job cuts were not based on performance and assured all the affected workers that they would be provided with the necessary support for a smooth transition.

The latest development comes nearly a year after the edtech startup acquired Delhi-based Pepcoding for an undisclosed sum to boost its business ecosystem.

Scaler has acquired four companies in the last two years, including AppliedRoots, Coding Minutes, and Coding Elements.

Launched in 2019, Scaler is backed by global investors like Sequoia Capital India, Tiger Global and Lightrock India. It had last raised $55 million in a Series B funding round that made the startup valued at over $700 million.