Thursday, February 13, 2025

Unacademy lays off 600 employees as part of a cost-cutting measure

Edtech unicorn Unacademy, which recently launched an experience centre- Unacademy Store, has laid off nearly 600 employees, almost 10% of its workforce. The SoftBank-backed start-up employs over 6,000 people, and this firing is said to be a cost-cutting measure.

Sources familiar with the development said nearly half of the employees fired were educators, and they were clueless about this sudden move. Recently, Gaurav Munjal, Co-Founder, and CEO, of Unacademy Group said that they are on track to achieve profitability in its core business, which is its test preparation platform, in the next year.

As the company goes for cost-restructuring, sources say that the Gaurav Munjal-led firm has decided not to renew the contracts of the educators who used to offer lessons through free access to the Unacademy app as well as subscription charges.

“Unacademy is built on a culture of high performance and transparency, and a key aspect of that is the transparency and objectivity with which we conduct our annual appraisal process. Based on the outcome of several assessments, a small subset of employees, contractors, and Educators’ roles were re-evaluated due to role redundancy and performance, as is common for any organization of our size and scale,” said an official spokesperson at Unacademy.

“We are extremely bullish about our core test-prep business and in the growth of our Group companies Relevel, PrepLadder, and Graphy. Our test-prep business is growing over 50% YoY and our EBITDA percentage is also getting better. Relevel has witnessed unprecedented growth in the number of users and candidates placed. Currently, there are over 1.8 million registered users on the Relevel platform,” the company said in an e-mailed statement.

On the sudden lay-off, the spokesperson said, “Based on the outcome of several assessments, a small subset of employees, contractor, and Educator roles were re-evaluated due to role redundancy and performance, as is common for any organization of our size and scale.”

Editorial

Deloitte, PWC, EY, KPMG to Hire 1 Lakh People in India in FY25

According to estimates from top company officials and industry...

Higher EPS Pension Application Stuck: A Step-by-Step Guide to Fix

Nearly 97,640 Provident Fund (PF) members and pensioners under...

Deloitte, PwC, EY, KPMG Outpace Global Growth for India Divisions

The Indian divisions of Deloitte, PwC, EY, and KPMG...

EPS-95 Higher Pension Update: Less Than 1% Cases Settled So Far

Supreme Court Ruling and EPFO’s Higher Pension Rollout The Employees’...

Employee Benefits at India’s Big 4 Firms Deloitte, PwC , EY, KPMG

The Big 4 firms; Deloitte, PwC (PricewaterhouseCoopers), EY (Ernst...

Must Read

Air India announces hiring drive, and group medical insurance scheme

Air India following the successful completion of the national...

Companies are increasing their efforts to return women to work

Companies are taking various measures to increase Diversity in...

Hindustan Coca-Cola Beverages to train 5,000 youth

One of India's leading FMCG companies, Hindustan Coca-Cola Beverages...

Infosys to accelerate cloud transformation of financial organizations

Infosys has announced a new Strategic Collaboration Agreement (SCA)...

Accenture in India tweaks its leave policy

An Irish-American professional services company, Accenture has revised its leave...

Jeff Bezos to step down as Amazon Chief Executive Officer

Jeff Bezos to step down as Amazon CEO; Andy...

Deutsche Bank Announces New Head- Human Resources

Deutsche Bank’s new Head- Human Resources will be Michael...

Grofers rolls out 33% salary hike for its tech team

Online grocery delivery platform Grofers announced on Monday that...

Related Articles

Sheenu Pradhan
Sheenu Pradhanhttps://sightsinplus.com/
Sheenu Pradhan, Editor Content, SightsIn Plus. She has over 8 years of experience in human resources. Prior to this, she has been associated with Wictor Chemicals India, Wipro, and Shakti Plas Industry.