With its latest wave of layoffs, Unacademy eliminated 12% of its personnel, or roughly 350 positions, four months after slashing 350 in November.
Gaurav Munjal, the Unacademy co-founder, and CEO announced the layoffs on Slack.
“We have done everything correctly to make our main company successful, but it’s insufficient. In the TechCrunch-reviewed communication, he stated, “We must go further.”
“Two years ago, online learning adoption drove exceptional growth. However, in a recession, operating a profitable firm is crucial. “We must adapt to these changes, develop and run leaner, and produce value for our users and shareholders,” he added.
The Bangalore startup has spun out CodeChef, a 2020 acquisition.
Last April, $3.4 billion Unacademy fired 1,000 full-time and contractual workers. In June, the firm reduced salaries and closed “some operations” to withstand the financial crisis.
Due to the market slowdown, Indian tech businesses are having trouble raising funds. Unacademy competitor Byju’s, India’s most valued business, lost hundreds of workers last year and considered closing down the coding platform WhiteHat Junior.
This is not the Unacademy experience I wanted for our staff. “I accept full responsibility for what happened,” Munjal wrote.
Unacademy, backed by Sequoia Capital India, SoftBank, and Tiger Global, will provide affected workers a notice period and one month’s compensation. The business will also provide medical insurance for six months until September 30, career assistance, dedicated placement, and a one-year equity vesting term.
The move’s duties were not specified.