In the latest layoffs, edtech major Unacademy has let go of 250 employees as part of a restructuring exercise “to streamline operations and enhance business efficiency”.
“We are building Unacademy for the long run,” Unacademy co-founder and CEO Gaurav Munjal said in a post on X following the layoffs.
He said there is a lot being said about Unacademy currently. To set the record straight, Unacademy will have its best year in terms of growth and profitability.
“We also have many years of runway… Ignore the rumours,” Munjal added.
The comments come after a report by The Morning Context citing four people directly and indirectly aware of developments that Unacademy, last valued at $3.4 billion, has approached multiple education companies for a possible merger or an outright acquisition.
In March 2023, Unacademy sacked 10 per cent of its workforce to save costs. In May this year, its group firm PrepLadder also let go of 145 employees.
“As part of our ongoing efforts to streamline operations and enhance business efficiency, we have recently undergone a restructuring exercise. This was necessary keeping in mind the company’s goals and vision for the year, as we focus all our efforts on sustainable growth and profitability. Consequently, some roles have been impacted. While this transition won’t be easy, we will be supporting all impacted individuals during this transition,” the company spokesperson said in a statement.
The development comes weeks after the exit of Unacademy co-founder and chief technology officer Hemesh Singh.
With the latest sacking, the total layoff count across the globe this year now stands at 99,737 employees by 347 tech companies, according to Layoffs.fyi.
In the financial year 2022-23, Unacademy’s operating revenue jumped 26% to Rs 907 crore. Its losses also narrowed by nearly 40 per cent to Rs 1,004 crore. The firm is yet to file the audited annual report for FY24.
