Unacademy, popular edtech firm, reportedly dismissed 380 workers as part of its fourth round of mass cutbacks. The tech industry across the globe is implementing strict cost-cutting measures during the post-Covid phase.
Unacademy has laid off 12 percent of its staff or about 380 employees marking the edtech's fourth round of layoffs in past one year, according to Moneycontrol, citing an internal memo sent by CEO Gaurav Munjal.
In November last year, Unacademy had fired 10 percent of its workforce in November. Prior to that around 150 employees were asked to leave the company.
As per Moneycontrol, Unacademy CEO Gaurav Munjal informed the employees about the layoffs via email.
This will be the fourth round of layoffs announced by the edtech startup.
"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 percent to ensure that we can meet the goals we are chasing in the current realities we are facing," read the note from Munjal, reported ET.
Munjal informed the impacted employees that they will get severance pay equivalent to the notice period and an additional one month's pay.
Along with it, the company would also pay for medical insurance of the impacted employees for additional six months, until September 30.
The company let go of around 600 to 800 employees from its sales marketing and tutor sections along with a few contractual staff. Then later in June last year the startup fired 150 employees after a performance improvement plan.
