The layoffs in the Indian edtech space are not stopping and Gaurav Munjal, co-founder and CEO of Unacademy has announced to reduce the team size by 12 per cent or over 350 employees, saying “the goals we are pursuing in the current realities are very low”. have been, to fulfill them we endure”.
Apologizing for the fresh round of job cuts, Munjal said in an internal memo seen by IANS that today’s reality is in stark contrast to two years ago “where we saw phenomenal growth due to the acceleration of online learning”.
“With the global economy facing a recession, funds are tight and running a profitable business is critical. We will have to adapt to these changes, build and operate with little in the way so that we can truly serve our users and our customers,” wrote Munjal. Create value for shareholders.
In November last year, Unacademy laid off 10 per cent of its workforce, or around 350 employees, as funds crunched over the winter.
Munjal said that the severance pay for the affected employees would be equal to the notice period along with one month’s additional salary.
For employees who have been with the company for at least one year, there will be one year of accelerated vesting and medical insurance coverage for an additional six months (by September 30) along with placement and career support.
“We have taken every step in the right direction to make our core business profitable, yet it is not enough. We have to go further, we have to go deeper. Unfortunately, this has led me to make another difficult decision. did,” said Munjal.
Earlier this year, Unacademy-run Relevel laid off 40 employees, or 20 percent of its workforce, as it shifts its focus from the education business to “tested products” and a new app called NextLevel.
– IANS
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