Unacademy reduces employment by 10% as the edtech funding crisis becomes worse

According to Moneycontrol, Munjal informed staff in an internal email that layoffs will occur across verticals, some of which would also be shut down or trimmed back.

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SoftBank-backed In another sign that the much-discussed financial winter is becoming worse for India’s edtech startups amid the reopening of schools, universities, and physical tuition centres, Unacademy has laid off 10% of its workforce, or around 350 employees.

The news comes four months after edtech unicorn CEO and co-founder Gaurav Munjal informed staff through internal email that there would be no further layoffs at the company.

According to Moneycontrol, Munjal informed staff in an internal email, that layoffs will occur across verticals, some of which would also be closed or scaled-down.

“Around 10 percent of Unacademy employees across the group will be impacted because of this, and if you are one of the impacted – you will be receiving a detailed communication within 48 hours from HR,” Munjal told employees in the email.

“I want to apologise to everyone sincerely since we made a commitment of no layoffs in the organisation but the market challenges have forced us to reevaluate our decisions. Funding has significantly slowed down and a large portion of our core business has moved offline,” he added.

Unacademy made no public remarks on the incident.