It is officially a layoff season!
Ahead of Twitter and Facebook, Unacademy has laid off 350 of its employees recently. The company CEO Gaurav Munjal informed the employees via email which explained the reasons and also ensured that all affected employees will be compensated a severance pay equivalent to the notice period and an extra two months’ salary.
The decision has been taken after Unacademy announced the revenue trend and loss worth Rs 2,848 crore throughout the year.
The company has been working on new strategies and expecting some In the midst of the funding to aid the business. As per sources, the firing will happen in different verticals where some of the verticals would also shut down.
The sudden news was disclosed ahead of the Unacademy’s CEO and co-founder Gaurav Munjal telling the employees that the company would stop the layoffs as they have fired more than 800 employees this year.
Through an email, Gaurav Munjal shared with employees, he clarified that the organisation is going through tough times and need to alter costs to keep the business moving.
The CEO in the email note apologised to their employees that the decision is a tough one and had to be taken seeing the market challenges that forced them to re-evaluate.
The edtech giant since the beginning of this year till now has laid off almost half of its employees and with the current round of firing, the employee strength would become 3,150 from 6000.