Unacademy fires 250 workers; sees third round of lay offs in 3 years

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Unacademy, an edtech startup backed by SoftBank, has laid off 250 workers. This current round of layoffs contains roughly 100 workers from essential areas like enterprise growth and advertising and marketing, whereas the remaining are from the gross sales division. The firm confirmed that this transfer is a component of efforts to streamline operations and improve enterprise effectivity to align with its targets and imaginative and prescient for the 12 months.
This marks Unacademy’s third round of layoffs in three years.In March 2023, the corporate lowered its workforce by 12%, equal to round 380 workers. Prior to that, in April 2022, Unacademy had laid off roughly 1,000 contractual and full-time workers.
“As part of our ongoing efforts to streamline operations and enhance business efficiency, we have recently undergone a restructuring exercise. This was necessary keeping in mind the company’s goals and vision for the year, as we focus all our efforts on sustainable growth and profitability. Consequently, some roles have been impacted,” the corporate said. Unacademy counts Peak XV Partners and General Atlantic amongst its buyers.
Last month, Hemesh Singh, co-founder of Unacademy, stepped down as Chief Technology Officer, transitioning into an advisory position.
On May 31, it was reported that after an preliminary surge in on-line enterprise because of the pandemic, Unacademy skilled a slowdown. In response, the corporate has shifted focus in the direction of increasing its offline presence in the take a look at preparation section. This transfer positions Unacademy to compete with firms reminiscent of Byju’s-owned Aakash, Bodhi Tree-backed Allen Career Institute, and GSV Ventures-backed PhysicsWallah.
Unacademy started as a YouTube channel in 2010, created by Gaurav Munjal, Roman Saini, and Hemesh Singh. It advanced right into a full-fledged edtech platform in 2015 and at present generates a good portion of its income from its offline enterprise.
In December, CEO Gaurav Munjal knowledgeable workers that the corporate had Rs 1,800 crore (roughly $216 million) in reserves, offering a money runway of 4 years. According to Munjal, Unacademy had lowered its money burn by 60% in 2023 and aimed to increase its runway to eight years by 2024 by way of additional reductions in burn.
The startup’s financials present that its losses narrowed 41% to Rs 1,678 crore in FY23, whereas income elevated by 26% to Rs 907 crore throughout the identical interval. Unacademy has but to reveal its monetary outcomes for FY24.


Nilesh Desai
Nilesh Desaihttps://www.TheNileshDesai.com
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.

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