SoftBank-backed edtech unicorn Unacademy to cut 12 percent of its workforce, Economic Times has reported citing an internal memo sent by CEO Gaurav Munjal. 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% to ensure that we can meet the goals we are chasing in the current realities we are facing," note from Munjal as viewed by ET has stated.
Mint could not independently verify these comments.
In addition to the newly announced cuts, the startup last year had laid off over 1,500 employees. In November 2022, the company had fired 10 percent of its workforce or about 350 employees in third such round of layoffs within a year.
Prior to that, in April 2022, the company let go of around 600 to 800 employees from its sales and marketing team, along with a few contractual staff and educators or tutors. Then later in June 2022, the startup fired 150 employees after performance improvement plan.
(This is a developing story)
Unacademy to cut 12% jobs in fresh round of layoffs: Report | Mint - Mint
Read More
No comments:
Post a Comment