Layoff Saga Continues, Unacademy Sacks 350 More Employees

The different stakeholders of the edtech sector are citing economic slowdown and funding winter as decisive reasons for the massive layoffs which simply refuse to end. Softbank-backed Unacademy eliminated 10 per cent of its workforce which is around 350 employees. Gaurav Munjal, Founder, Unacademy has taken complete responsibility and even apologise for doing so and has communicated the same through an internal email.

Last week, Founder, Gaurav Munjal Founder of Unacademy said that the winter might get worse and there is a need to stop all unnecessary spending and should focus on building great products. Munjal, in this way, hinted that layoffs can be expected.  

In July this year, the edtech firm decided to drastically cut down its expenses. Unacademy's Munjal stated that we have to launch IPO in the next two years and we have turned our cash flow positive. 

Prior to this, Unacademy fired 600 employees or 10 per cent of its workforce on the account of non-performance and role redundancy in order to become profitable by the end of FY22.