Unacademy Laid off 600 employees

Popular Edtech startup Unacademy has informed that it has laid off around 600 employees a few days back. The company reportedly did this in order to turn profitable by the end of this year. Yesterday, Unacademy said that this makes up only 10% of its total workforce of 6,000. Earlier, Economic Times reported that the edtech firm has reportedly fired about 1000 employees including on-roll employees and contractual educators in order to strengthen their finances and decrease cash burn. 300 educators on contract and 600 employees from several vertices like sales, business, and other functions were affected by this. Later, the edtech firm’s spokesperson told that the firm is aiming to build a culture of high performance and these employees were laid off after several assessments. Unacademy in its statement said: “Based on the outcome of several assessments, a small subset of employee, contractor, and educator roles were reevaluated due to role redundancy and performance, as is common for any organisation of our size and scale. The company has in good faith ensured they receive certain additional benefits and a generous severance. We are focussed on becoming profitable by the end of Q4 CY2022 in our core business [test preparation], while investing for growth in our Group companies.” On the other hand, the sacked employees told they were not aware of any assessment and no concerns were raised about their alleged poor performance.