According to Money Control, which cited an internal letter sent by co-founder and chief executive Gaurav Munjal, Unacademy has laid off 12% of its workforce, or about 380 employees. This is the edtech unicorn’s fourth round of layoffs in the past year.
“While we have made every effort to turn a profit in our core business, it is still not enough. Money Control has seen a note from CEO Munjal to all employees on the company’s Slack channel that reads, “We have to go further, we have to go deeper.
“Unfortunately, this has necessitated yet another difficult decision on my part.” We will reduce the size of our team by 12% to ensure that we can meet the goals we have set for ourselves in the current environment. “I had no idea I’d have to do this again,” he added.
According to the letter, the affected employees will also receive severance pay equal to the period of notice and an additional one month’s pay, as well as a one-year accelerated payout for employees who have served the company for at least a year. Munjal also stated that the company would extend its medical insurance coverage for another six months, until September 30.
Over 1,500 employees have been laid off by Indian Edtech in at least four rounds of layoffs within the past year.
In the third round of layoffs in November, the company let go 10% of its workforce or about 350 employees.
The company previously let go of a few contract workers, tutors, and teachers, as well as 600 to 800 members of the sales and marketing team, in April 2022. After that, a performance improvement plan was implemented, which led to the termination of 150 employees in June 2022.
