Unacademy To Lay Off 12% Workforce, Says CEO As per reports, this is the fourth round of layoffs, as the unicorn in November fired 350 employees or 10% of its employees
By Teena Jose •
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Gaurav Munjal, co-founder and CEO of Unacademy, in an internal memo to the employees, has stated that Unacademy will fire around 12% of its workforce which is said to be around 380 employees. According to available reports, this is the fourth round of layoffs, as the unicorn in November fired 350 employees or 10% of its employees.
"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," said Munjal in the memo.
"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 face. I did not anticipate I would have to do this again, and I'm very sorry," added the CEO.
Moreover, according to him the global economy is enduring a recession, funding is scarce and running a profitable business is key, adding that, "We have to adapt to these changes, build and operate in a much leaner manner so we can truly create value for our users and shareholders."
Unacademy's total headcount is estimated to have come about 3000 in a year. Affected employees will get severance pay equivalent to the notice period and an additional one month of pay and medical insurance until September 30, among others.
