Unacademy cuts 12% workforce

Edtech startup Unacademy has laid off 380 employees which is 12% in another round of layoff. As per a report by Economic Times, the company's CEO Gaurav Munjal had sent out an internal memo regarding the layoffs.

The note from Munjal reportedly said, "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"

Earlier, the edtech sold off CodeChef, anacquisition it made in 2020. Unacademy had reduced its workforce by 1,350 in 2022. The start-up had also cancelled appraisals for the year FY 2022-23 and had promised stock options for the employees.