Highlights

  • We will be shutting down certain businesses like Global Test Prep," Munjal said

  • Unacademy note: company should embrace 'frugality' as a core value from now

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Unacademy slashes spending: No free meals, no business travel, salaries cut

Munjal told his team that the startup has Rs 2,800 cr of cash, but there are “a lot of unnecessary expenses”

The startup landscape is fast changing, from hot valuations to pinching pennies and downsizing. The 'funding winter' is here this summer and edtech major Unacademy is tightening its belt as the company announced dramatic steps to reduce expenses.

In an internal note that has leaked into social media, , Gaurav Munjal, Unacademy's co-founder and chief executive officer, announced that there will be paycuts for founders and management while adding travel restrictions on employees and stopping free meals at offices.

The goal has changed. We have to do an IPO (initial public offering) in the next two years. And we have to turn cashflow positive. For that we must embrace frugality as a core value," Munjal added.

Also Read/ Watch: Ola may layoff up to 500 employees amid funding winter

Unacademy's move to 'pinch pennies' comes just over a month after Munjal had warned employees of a 'funding winter' and asked everyone to brace for a tough 18 months.

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