Softbank-backed Edtech unicorn Unacademy laid off another 150 staff
- ByStartupStory | June 20, 2022
Unacademy, the edtech unicorn, has asked 150 staff to depart following a performance improvement plan. This comes after Unacademy, which is owned by Sorting Hat Technologies Pvt Ltd, laid off 600 to 800 sales and marketing employees, as well as a few contract employees and educators or tutors, in April. The current exercise, according to an Unacademy spokesman, was not a layoff.
PrepLadder, a Chandigarh-based platform for post-graduate medical entrance exam preparation, was acquired by Unacademy for $50 million in 2020.
Unacademy laid off over 100 employees from its PrepLadder team in March as part of the company’s “restructuring.” Unacademy lay off roughly 600 employees in April, accounting for approximately 10% of the staff.
Unacademy has a market capitalization of $3.44 billion and is backed by global venture capital firms such as Sequoia Capital, Tiger Global Management, and SoftBank, among others.
Unacademy launched two coaching centres in Kota last week, marking its first push into the offline learning industry. Most edtech companies are expanding their offline presence across India as the sector slows after two years of hypergrowth as Covid-19 restrictions ease and students return to physical sessions.
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