News that fits you

Highlights

  • 1000 employees including educators sacked
  • Company says it is an efficiency exercise
  • Sacked employees given an hour to accept severance pay

Latest news

CEO among three held for gangrape of woman IT firm manager in Udaipur

CEO among three held for gangrape of woman IT firm manager in Udaipur

PM Modi says government reforms to continue with greater vigour, focusing on ‘Ease of Living’

PM Modi says government reforms to continue with greater vigour, focusing on ‘Ease of Living’

Reflation, possible earnings revival to push Indian equities higher through 2026: Report

Reflation, possible earnings revival to push Indian equities higher through 2026: Report

Declassified US documents reveal US, Russia 'nervous' over Pakistan's nuclear proliferation

Declassified US documents reveal US, Russia 'nervous' over Pakistan's nuclear proliferation

Delhi Environment Minister warns pollution could spike again amid western disturbances

Delhi Environment Minister warns pollution could spike again amid western disturbances

China hits out at Pentagon report alleging bid to weaken US-India ties

China hits out at Pentagon report alleging bid to weaken US-India ties

Four VHP, Bajrang Dal members arrested for Christmas vandalism in Assam school

Four VHP, Bajrang Dal members arrested for Christmas vandalism in Assam school

'Papa, I cannot bear pain': Indian-origin man dies after 8-hour wait at Canada hospital

'Papa, I cannot bear pain': Indian-origin man dies after 8-hour wait at Canada hospital

Unacademy sacks 1000 employees, mass lay-off to cut cost

Unacademy lays off about 10% of its workforce

Updated: Sep 02, 2022 10:53
|

EJ Biz Desk

Unacademy sacks 1000 employees, mass lay-off to cut cost

Edtech startup Unacademy has reportedly laid off 1000 employees as a part of a massive cost cutting exercise. This mass lay off which includes educators as well as contract staff accounts for nearly 10% of Bengaluru based firm's workforce.

Also read/watch | What is a non-dom status that has been troubling Rishi Sunak

SoftBank-backed startup last valued at $3.1 billion stated that the downsizing was an 'efficiency' exercise as a spokesperson was quoted as saying ""Based on the outcome of several assessments, a small subset of employee, contractor, and Educator roles were re-evaluated due to role redundancy and performance."

As per reports the employees that were given the pink slip were given just an hour to accept the company’s offer of 2 months severance.

Also read/watch | Ola and other e-scooters to be recalled?

ADVERTISEMENT

Up Next

Unacademy sacks 1000 employees, mass lay-off to cut cost

Unacademy sacks 1000 employees, mass lay-off to cut cost

New Zealand commits USD 20 bn investment in India under FTA in 15 yrs; on lines of EFTA pact

New Zealand commits USD 20 bn investment in India under FTA in 15 yrs; on lines of EFTA pact

India, New Zealand conclude FTA talks; pact to offer duty-free access, USD 20 bn FDI

India, New Zealand conclude FTA talks; pact to offer duty-free access, USD 20 bn FDI

FTA with New Zealand to significantly deepen bilateral economic engagement: Govt

FTA with New Zealand to significantly deepen bilateral economic engagement: Govt

Rupee breaches 91-mark against US dollar for first time in intra-day trade

Rupee breaches 91-mark against US dollar for first time in intra-day trade

Microsoft commits USD 17.5 billion investment in India: CEO Satya Nadella

Microsoft commits USD 17.5 billion investment in India: CEO Satya Nadella

ADVERTISEMENT

editorji-whatsApp

More videos

CBI books Anil Ambani's son, Reliance Home Finance Ltd. in Rs 228 crore bank fraud case

CBI books Anil Ambani's son, Reliance Home Finance Ltd. in Rs 228 crore bank fraud case

RBI raises FY26 GDP growth projection to 7.3 pc

RBI raises FY26 GDP growth projection to 7.3 pc

RBI trims policy interest rate by 25bps to 5.25pc, loans to get cheaper

RBI trims policy interest rate by 25bps to 5.25pc, loans to get cheaper

Rupee slumps to all-time low of 90.25 against US dollar in intra-day trade

Rupee slumps to all-time low of 90.25 against US dollar in intra-day trade

Reliance completes merger of Star Television Productions with Jiostar

Reliance completes merger of Star Television Productions with Jiostar

India to lead emerging market growth with 7pc GDP rise in 2025: Moody’s

India to lead emerging market growth with 7pc GDP rise in 2025: Moody’s

Nifty hits record high after 14 months; Sensex nears all-time peak

Nifty hits record high after 14 months; Sensex nears all-time peak

Reliance stops Russian oil use at its only-for-export refinery to comply with EU sanctions

Reliance stops Russian oil use at its only-for-export refinery to comply with EU sanctions

ED attaches fresh assets worth over Rs 1,400 cr in case against Anil Ambani's Reliance Group

ED attaches fresh assets worth over Rs 1,400 cr in case against Anil Ambani's Reliance Group

India signs one-year deal to import 2.2 million tonnes of LPG from US

India signs one-year deal to import 2.2 million tonnes of LPG from US

Categories

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.