Unacademy Latest news: Edutech startup Unacademy has once again made layoffs in the company. This time the company has fired 250 employees. SoftBank-backed edutech startup Unacademy has laid off around 100 people from departments including distribution, while other layoffs have been made from the sales department. Let us tell you that Unacademy has confirmed the layoffs.
What did the company say
According to the news of Economic Times, while confirming the layoffs, Unacademy said – We have taken a decision as part of our ongoing efforts to streamline operations and enhance professional skills. This was necessary keeping in mind the goals and outlook of the company. We focus all our efforts on sustainable growth and profits. Due to this some roles have been affected.
laid off twice before
Let us tell you that Unacademy had done retrenchment in March 2023. This led to a 12% reduction in the company’s workforce. The company had laid off about 1,000 contract and full-time employees in April 2022. There is an atmosphere of turmoil in the management of Unacademy also. Last month, company co-founder Hemesh Singh stepped down as chief technology officer and is now taking on the role of advisor.
about the company
Gaurav Munjal, Roman Saini and Hemesh Singh started Unacademy as a YouTube channel. Currently a major part of its revenue comes from offline business. The Bengaluru-based startup’s loss narrowed by 41% to Rs 1,678 crore in FY23. At the same time, during the same period, revenue increased by 26% to Rs 907 crore. However, the company is yet to report its financial results for FY24.
Let us tell you that edutech companies have been facing crisis for some time. There was a boom in the business of companies during the Corona period, but as soon as the situation becomes normal, they are in trouble. These include many big companies including Byju and Vedantu.
