Physicswallah, an ed-tech startup, has terminated 120 employees following a performance review process. In a statement issued by PhsicsWallah, the company clarified that the layoffs were conducted as a part of the performance review cycle and were not aimed at cost-cutting measures.
Satish Khengre who is a Chief Human Resources Officer at PhysicsWallah said that the company conduct regular mid-term and end-term performance reviews. Between 70 to 120 individuals will be asked to leave the company. During a recent interview with a news agency PTI, he stated that the company is planning to recruit around 1,100 new employees in the next two quarters. He emphasized that their primary objective is to create a high-performing team. In the next six months, the company intend to hire an additional 1,000 employees, reaffirming their commitment to growth. The company values its current employees and acknowledges their crucial role in shaping the future of education technology.
The Edtech unicorm was established in 2020 by Alakh Pandey and Prateek Maheshwari. The startup company has raised $100 million from investors like WestBridge Capital and GSV Ventures and sits on a volution of $1.1 billion.
Several edtech platforms have laid off over 10,000 employees due to cost-cutting measures since last year. Byju’s, Unacademy, Vedantu, Cuemath, and Teachmint are among the platforms that have implemented these measures.