[ad_1]
Unacademy has cut 12% of its workforce, or more than 350 roles, in its latest round of layoffs – four months after cutting nearly 350 roles in November.
Academy co-founder and CEO Gaurav Munjal announced the new layoff decision to employees in a Slack post.
We have taken every step to make the right decision to make our core business profitable, but it is not enough. We have to go further, we have to go deeper,” he wrote in a message reviewed by TechCrush.
“Today’s reality is a contrast to two years ago when we saw unprecedented growth in access to online education. Today, the global economy continues to decline, funding is dire and running a profitable business is key. We need to adapt, build and work with these changes in a very agile way so that we can truly create value for our users and shareholders.
The new move comes days after the Bengaluru-based startup spun off CodeChef, a programming teaching platform it acquired in 2020.
The $3.4 billion academy cut 1,000 full-time and contract employees in April of last year. The startup, which launched in June, announced pay cuts and the closure of “certain businesses” in a bid to stave off financial difficulties.
Edtech startups in India are struggling to attract investments and are facing challenges due to the market downturn. Academia competitor and India’s most valuable start-up Baiju recently discussed its shutdown of WhiteHat’s junior coding platform, cutting thousands of jobs last year.
“For our employees affected by this decision, this is not at all the experience I expected you to have at Unacademy. I take full responsibility for the situation,” Munjal said in the message.
The severance pay, which counts Unacademy, Sequoia Capital India, SoftBank and Tiger Global among its major investors, is commensurate with notice period and one month’s additional pay to affected employees. The startup has promised to provide an additional six months of medical insurance coverage till September 30.
Exact details about which roles will be affected by the move have not been disclosed.
[ad_2]
Source link
