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Why did Unacademy layoff 12% of the workforce?

In November 2022, Unacademy laid off around 10 per cent of its workforce which is around 350 employees at that time, as funding winter deepens for the Indian startup ecosystem.

Saumya Nigam Edited By: Saumya Nigam @snigam04 Noida Published on: March 30, 2023 15:46 IST
Why did Unacademy layoff 12% of the workforce?
Image Source : INDIA TV Why did Unacademy layoff 12% of the workforce?

Unacademy, an Edtech major has laid off 12 per cent of its workforce which is around 350 employees in its recent job cuts.

TechCrunch reported that Gaurav Munjal, the Co-Founder and CEO of Unacademy has officially announced the latest layoffs in a Slack message to employees.

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Munjal said, "We have taken every step in the right decision to make our core business profitable, yet it's not enough. We have to go further, we have to go deeper." 

India Tv - Why did Unacademy layoff 12% of the workforce?

Image Source : PIXABAYWhy did Unacademy layoff 12% of the workforce?

He further added, "Today's reality is a contrast from two years ago where we saw unprecedented growth because of accelerated adoption of online learning. Today, the global economy is enduring a recession, funding is scare and running a profitable business is key. We have to adapt to these changes, build and operate in a much leaner manner so we can truly create value for our users and shareholders."

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In a message to the employees of Unacademy, Munjal stated that he takes "complete responsibility for the way things have turned out".

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In November 2022, Unacademy laid off around 10 per cent of its workforce which is around 350 employees at that time, as funding winter deepens for the Indian startup ecosystem.

Earlier this year (2023), Unacademy-run Relevel laid off 40 employees, or 20 per cent of its workforce, as it shifts its focus from the education business to 'tests product' and a new app called NextLevel.

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Meanwhile, another edtech major BYJU's has laid off 15 per cent of its employees recently from its engineering department, and the online education provider company continues to phase the layoffs to remain growth-oriented in a global economic meltdown.

Inputs from IANS

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