Ed-tech firm, Unacademy has slashed 350 employees which are 10 percent of its workforce due to harsh economic conditions.
According to an internal memo, written by Group cofounder and CEO Gaurav Munjal to employees,” I want to apologize to everyone sincerely since we made a commitment of no layoffs in the organization but the market challenges have forced us to reevaluate our decisions. Funding has significantly slowed down and a large portion of our core business has moved offline.”
“The next few days will be about helping the members who are leaving Unacademy and I would like to request all functions and teams to support this transition,” Munjal said in the memo.
As per the Twitter of Gaurav Munjal said, “It is painful to see some of our talented people leaving us over the next few days.”
“If you are hiring in your organization, please email me at gaurav@unacademy.com and we would send you the directory of the impacted roles”, the tweet added.
It is painful to see some of our talented people leaving us over the next few days.
— Gaurav Munjal (@gauravmunjal) November 7, 2022
If you are hiring in your organisation, please email me at gaurav@unacademy.com and we would send you the directory of the impacted roles.
The laid-off individuals will receive a severance package equivalent to their notice period and an additional two months’ salary. The company will provide medical insurance coverage for an additional year as well as dedicated placement and career support.
Unacademy currently employs a workforce strength of 3,500. Earlier, In April, Unacademy laid off about 1,000 contractual and full-time workers.
Unacademy, which was set up in 2015 and has raised funding from Softbank among other investors.
Recently, FrontRow, a learning platform for non-academic skills has laid off 30 employees nearly 75 percent of its workforce. Earlier, Byju’s said that is planning to lay off nearly 5 percent of the workforce, or 2,500 employees.
Ed-tech startups Vedantu, FrontRow, Lido, and Frontrow among others have cumulatively retrenched thousands of employees this year. In June, WhiteHat Jr and Toppr combined laid off about 500 employees.
