Tuesday, December 6, 2022

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Unacademy fires 350 employees in another round of lay offs

New Delhi: Unacademy is carrying out another round of lay offs to reduce costs and to make itself financially sound. In line with this, the company is terminating the 350 employees which is 10 per cent of its total workforce, as per an internal note sent to the staff by Gaurav Munjal, co-founder and CEO of Unacademy group.

“I am deeply saddened to share that we will have to say goodbye to some of our extremely talented Unacademy employees,” said Munjal in the letter addressed to employees and reviewed by Business Standard. “These would be across the Unacademy Group from verticals where we have to take a difficult decision either to scale down or shut.”

He said that the departing team members would receive two months’ worth of severance compensation in addition to their notice period. They would receive an expedited one-year vesting period, one more year of medical insurance coverage, and devoted job placement and career support.

“I want to apologise to everyone sincerely since we made a commitment of no layoffs in the organisation but the market challenges have forced us to reevaluate our decisions,” said Munjal. “Funding has significantly slowed down and a large portion of our core business has moved offline.”

According to information received by business intelligence platform Tofler, Unacademy, a Bengaluru-based company, recently recorded a net loss of Rs 2,693 crore for the financial year 2021–2022. This is an increase of 83% from the previous fiscal year. The company claimed having spent a total of Rs 3,411 crore during the fiscal year. The company announced that their revenue for the fiscal year 2021–2022 was Rs 718 crore, an increase of 78% over the previous fiscal year.

“We are no strangers to the harsh economic conditions that everyone is witnessing these days,” said Munjal in the new letter. “These are very difficult times for the technology ecosystem. And things are getting worse with each passing day.”

As a result of the epidemic and a focus on profitability as well as industry consolidation and cost-cutting efforts, the company let go of roughly 1,000 staff in April.

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