Unacademy Latest News: Edutech startup Unacademy has once again retrenched the company. This time the company has fired 250 employees. SoftBank-backed edutech startup Unacademy has laid off around 100 people from divisions including distribution, while another layoff from the sales division. Let us tell you that Unacademy has confirmed the retrenchment.
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What the company said
Confirming the layoffs, Unacademy said – We have taken the decision as part of our ongoing efforts to streamline operations and enhance professional skills, according to Economic Times news. This was necessary keeping in mind the goals and projections of the company. We focus all our efforts on sustainable growth and profitability. Due to which some roles have been affected.
Dismissed twice before
Let us tell you that Unacademy was retrenched in March 2023. This led to a 12% reduction in the company’s workforce. The company laid off around 1,000 contract and full-time employees in April 2022. There is also an atmosphere of unrest in the management of UNAcademy. Last month, the company’s co-founder Hamesh Singh stepped down as chief technology officer and is now taking on an advisory role.
About the company
Gaurav Munjal, Roman Saini and Hamesh Singh started Unacademy as a YouTube channel. Currently, a major portion of its revenue comes from offline business. The Bengaluru-based startup’s losses in FY23 fell 41% to Rs. 1,678 crores. At the same time, during the same period, revenue grew by 26% to Rs. 907 crore has been done. 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 now. During the period of Corona, the business of the companies boomed, but as soon as the situation returned to normal, they ran into trouble. It includes several large companies including Byju and Vedantu.