Indian EdTech Firm, PhysicsWallah (PW) has sacked nearly 120 employees due to a performance review.
Satish Khengre, Chief Human Resources Officer at PhysicsWallah said, “At PW, we regularly assess performance through mid-term and end-term cycles.”
“For the cycle ending in October, less than 0.8 percent of our workforce, ranging from 70 to 120 individuals with performance concerns—may be asked to transition”, Satish Khengre added.
“Our primary focus remains on fostering a dynamic, high-performing team. We plan to hire an additional 1,000 employees in the next six months, reinforcing our commitment to growth”, Satish Khengre said.
Satish Khengre further said, “We deeply value the dedication of our existing employees and recognize their integral role in shaping the future of education technology.”
Moreover, this is the first time that the company has sacked employees (the first time of reported layoffs). However, the company is also planning to hire more people in the coming quarters.
Earlier in April, Chennai-based, Edtech Startup Skill-Lync which provides job opportunities to students upon completion of the program, laid off over 400 employees due to a funding crunch.
As of Date, So far in 2023, there have been 1,861 layoffs at tech companies with 405,544 people impacted (1,252 people per day).