Jobaaj Stories
The Bengaluru-based company ( worth $5.5 billion ) has announced its fourth round of layoffs, reportedly 12% (380 employees) in 12 months.
The Co-founder of Unacademy, Gaurav Munjal, informed staff of the layoffs in a letter. He stated that they are reducing the size of their workforce by 12% to guarantee that they can fulfil their goals in light of the present reality. As per the company, the motive of the layoff is to maximise income and reduce costs.
Also read: The layoff Chronicles!
Further, he justified his move and wrote- Today's reality is a sharp contrast to two years ago when they saw impressive growth owing to the quick acceptance of online learning. It is required to run a profitable business, said Munjal.
Four months earlier, Unacademy laid off 10% of its workforce in November 2022 to cut costs. Munjal stated in his most recent letter that he does not expect to have to make any further layoffs.
Besides being one of the leading Ed-Techs in India, it still reduced its staff by 1,350 in 2022 through various rounds of downsizing. Additionally, it has scrapped appraisal for FY23 and promised stock options to employees.
Furthermore, amid mass layoffs, Unacademy is seeking a merger with Aakash, an education portal for NEET and IIT aspirants.
This third ed-tech unicorn joins the list of Google, Amazon, and Byjus in announcing mass layoffs.
Now, let's see who comes next on the list.
- Kritika Singhal
