In the second wave of layoffs, Unacademy dismisses 350 more positions
- ByStartupStory | November 8, 2022
Unacademy, the edtech unicorn, has announced 350 job cuts in the second round of layoffs, which represents around 10% of the team size.
CEO Gaurav Munjal wrote in an internal email to the company’s staff: “We are no strangers to the challenging economic conditions that everyone is experiencing these days. For the technological ecosystem, these are extremely challenging times. has examined the email sent by Munjal, and things are becoming worse by the day.
Even while Unacademy had realised this much earlier and had taken steps like lowering its monthly burn, managing operational expenses, limiting marketing budgets, and finding other organisational redundancies, he continued, it was insufficient. For leaner and unheard-of times, Munjal remarked, “We need to keep optimising and establishing effective systems.”
Unacademy also terminated roughly 600 staff and contract workers from its primary test-prep business in April. Before this, Unacademy also instituted cost-cutting measures, including salary reductions for founders and management, the closure of its global exam preparation platform, and the elimination of free lunches and snacks.
Employees across the group in verticals that the company will either scale down or shut down will be impacted by the second round of layoffs at Unacademy. “It makes me very sad to report that we will have to say goodbye to some of the Unacademy’s incredibly outstanding staff members. Since we promised there would be no layoffs inside the organisation, I deeply apologise to everyone. However, market circumstances have caused us to rethink our choices. A big amount of our main company has gone down, and funding has significantly slowed down, Munjal continued.
The impacted employees will receive career support, dedicated placement, and severance compensation equal to their notice term plus an additional two months. They will also receive an accelerated vesting period of one year and medical insurance coverage for an additional year.
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