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Edtech unicorn Physicswala has laid off around 120 employees based on performance reviews. This is the first case of retrenchment in that company. Which has achieved the unicorn tag last year. Satish Khengare, CHRO, PW said that we regularly evaluate the company’s performance in the mid-term and end-term. In the cycle ending in October, less than 0.8% of our workforce, or 70 to 120 such people, have been shown the door. The company has decided to lay off to cut costs.
Lay off on one side, vacancy on the other
While on the one hand there has been retrenchment of employees in Physics (PW), on the other hand it has also been said that 1000 people will be hired in the near future. The chief financial officer told Economic Times that the company is working on its growth plan in the next six months. After which around 1000 people will be given jobs in the company. YouTuber Alakh Pandey founded the company in 2020. In this year 2023, the company has become a unicorn. Physixwala had raised $100 million from Westbridge Capital and GSV Ventures at a valuation of $1.1 billion.
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The company’s revenue has grown 10 times in FY22
In FY22, the company’s operating income grew 10 times to Rs. 232.5 crores. He spent about Rs. 100 crore in profits, making it the largest and only profitable edtech start-up in India. Physixwala’s standalone operational revenue grew 9 times to Rs. 232.48 crores. The move comes after the company said in January this year that it planned to hire 2,500 employees across multiple roles that quarter.
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Many other companies are also included in this list
This is not the first time that there has been a layoff in a company related to the education sector. In fact, companies like Byjuz, Unacademy, Vedantu, QuMath and Teachmint have also laid off earlier. These companies have laid off more than 10,000 employees in the last two years due to funding problems. Now the name of Physikswala has also been included in this list.