In the latest tech layoffs, edtech startup Unacademy on Thursday announced to lay off 380 employees, or 12 per cent of its workforce, according to media reports quoting an internal memo sent by CEO Gaurav Munjal. It comes a day after the company decided to hive off its coding learning platform CodeChef.
In the memo, Munjal said, “We have taken every step in the right direction to make our core business profitable, yet it’s not enough. We have to go further, we have to go deeper. Unfortunately, this has led me to take another difficult decision. We will be reducing the size of our team by 12 per cent to ensure that we can meet the goals we are chasing in the current realities we are facing.”
The SoftBank and General Atlantic-backed company had laid off about 1,350 employees in two rounds last year — April 2022 (1,000 workers) and November 2022 (350 employees). In January this year also, its subsidiary Relevel also let go of 40 employees.
Apart from this, In June 2022, the company had cut management salaries and done away with perks like business class travel and free food for employees to cut costs.
There have been reports of plans to merge Unacademy with Byju’s-owned Akash Institute. However, BYJU’s has denied reports that it is considering a merger of rival Gaurav Munjal-run Unacademy into Aakash Educational Services.
“We strongly deny that BYJU’S is considering a merger of Unacademy into Aakash Educational Services. As a parent company, BYJU’S is committed to investing in the growth of Aakash Educational Services, which is growing at more than 50 per cent year-on-year,” a BYJU’s spokesperson has said.
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