After performance review, Edtech giant Unacademy Lays Off 125 Employees From PrepLadder Team
- ByStartupStory | March 17, 2022
The latest Indian startup Unacademy Group, an Edtech giant, to go through layoff of several employees who were contracted as consultants by the company have now been told to leave the company.
According to sources, from the edtech unicorn’s PrepLadder team as many as 125 ‘consultants’ have been asked to vacate their positions. Sources told that in this round of cutbacks only consultants have been impacted, and no full-time employees have been allowed to let go.
The number of employees affected have been declined to state by Unacademy, the company confirmed that after an internal review and performance assessment, contracts of certain consultants have been terminated.
The management team conducts regular internal reviews and assessments in order to improve efficiency, based on the evolving nature of the business. Restructuring of the organization has been led by the recent assessment which has made certain roles redundant for the consultants.
They have discussed and parted ways with certain consultants in accordance with their respective contracts. The company has, in good faith, offered certain additional benefits for these consultants which are over and above the entitlements in their contracts, said an Unacademy spokesperson.
In July 2020, PrepLadder was acquired by the Unacademy Group in a $50 Mn deal. Unacademy Group co-founder and CEO Gaurav Manjal had said at the time of the acquisition that for the medical entrance examinations category PrepLadder was a strategic acquisition for Unacademy. The 250-strong PrepLadder team joining Unacademy Group has been seen after the acquisition.
PrepLadder founded by Deepanshu Goyal, Vitul Goyal, and Sahil Goyal, provides preparation materials for medical entrance exams such as NEET SS, NEET PG, AIIMS PG, and FMGE, with a vision of providing affordable educational materials to students in order to help them in their preparation for postgraduate medical entrance exams. Over 2 Mn app downloads with 3 Mn tests till date had been claimed by PrepLadder.
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