Edtech major Unacademy has laid off about 600 employees and contractual workers from its core test-prep business, as it aims to become profitable in the core business by the end of Q4 CY2022.
“Based on the outcome of several assessments, a small subset of employee, contractor, and educator roles were re-evaluated due to role redundancy and performance, as is common to any organization of our size and scale. The vast majority of roles impacted has been a result of that process and the efficiency we aim to drive in the broader business, ”a company spokesperson told BusinessLine.
10 per cent of workforce
All laid-off employees are said to have received severance packages in accordance with their contracts. Unacademy has over 6,000 employees across the group, which makes these layoffs about 10 percent of its workforce. The group includes Relevel, PrepLadder and Graphy. Unacademy said its test-prep business is growing over 50 per cent yoy and there are over 1.8 million registered users on its group company Relevel.
“We have discussed and parted ways with the identified people in accordance with their respective contracts. Further, the company has in good faith ensured they receive certain additional benefits and a generous severance. We value everyone’s contributions at Unacademy, and we wish all of them the best of luck and thank them for their efforts, ”the spokesperson added.
She noted that Unacademy is built on a culture of high performance and transparency, and a key aspect of that is the transparency and objectivity with which the company conducts its annual appraisal process.
However, reports have noted that Unacademy has fired about 1,000 employees and they were not given any reason for the layoff.
April 07, 2022