In another round of layoffs, an Indian educational technology company, Unacademy will let go of around 40 people.
NextLevel, which was launched last month as a product that would ‘disrupt LinkedIn’ and make resumes irrelevant.
Unacademy has laid off more than 1,200 employees since the start of 2021. The company has halved its team from over 6,000 employees as of April last year. The company currently employs about 3,000 employees.
The company will provide the affected employees with the same benefits that were given to existing employees in November. The benefits include severance pay equivalent to a notice period, an additional two months, accelerated vesting, medical insurance, and placement support.
The layoffs “would be across the Unacademy Group from verticals where we have to take a difficult decision either to scale down or shut down,” Gaurav Munjal said.
Currently, The company will be focusing on building LinkedIn competitor NextLevel.
Gaurav Munjal Founder of Unacademy Group shared a Tweet saying, “NextLevel App is now available on Play Store and App Store.”
Earlier in December 2022, Gaurav Munjal Founder of Unacademy Group shared a Tweet saying, “Credentialing is broken. We still rely on random Degrees and Certifications to measure how good someone is for a particular Skill.”
“And LinkedIn feels like a Product from early 2000. It’s time to change all of this. NextLevel is launching next week”, the tweet added.
“Almost 80 percent of Relevel’s remaining team will be absorbed by other businesses of Unacademy Group and we will have to let go of around 20 (around 40 people) of the team because of lack of availability of roles for them,” he said.