Unacademy hands pink slips to 250 more employees

Edtech firm Unacademy has laid off 250 people across verticals, according to people familiar with the matter, reducing its employee strength by 50 per cent from what it was two years ago.

Of those, 100 are from core functions such as marketing, business, and product, while the rest are from sales.

The SoftBank-backed firm was valued at $3.4 billion in its last funding in 2021.

Unacademy has had multiple rounds of layoffs since 2022.

Its workforce is down to below 3,000 as against 6,000 in the early part of 2022, according to sources.

An Unacademy spokesperson confirmed the development but didn’t provide the number of employees affected.

“As part of our ongoing efforts to streamline operations and enhance business efficiency, we have recently undergone a restructuring exercise.

"This was necessary keeping in mind the company’s goals and vision for the year, as we focus our efforts on sustainable growth and profitability.

"Consequently, some roles have been impacted.

"While this transition won’t be easy, we will be supporting all impacted individuals during this transition,” said the spokesperson.

Unacademy is reportedly exploring a merger with K-12 Techno Services, which owns Orchid International, which is a school chain.

Last month Hemesh Singh, co-founder of Unacademy, stepped down as chief technology officer and moved to an advisory role.

In FY23, Unacademy saw a 26 per cent jump in its operating revenue to Rs 907 crore while controlling losses by nearly 40 per cent to Rs 1,004 core, according to Entrackr.

In the beginning of FY24, the company said it was close to achieving profitability at group level.

The firm is yet to file the audited annual report for FY24.

Gaurav Munjal, chief executive officer, started Uncademy with his friends Roman Saini and Hemesh Singh in 2015.

They initially started it as an initiative on YouTube in 2010.