News Update

Graphy, Owned by Unacademy, Restructures with Workforce Reduction

• ByStartupStory     |    October 27, 2023

 Graphy, a software-as-a-service (SaaS) platform under the Unacademy umbrella, has initiated a restructuring process, resulting in the layoff of approximately 20 to 30 percent of its workforce, equivalent to around 50 employees over the past few weeks. This development is attributed to the company’s challenge in meeting revenue targets, as reported by sources to Inc42.

Graphy specializes in offering learning management system services to creators in the edtech space. Although the restructuring has been confirmed, it’s unclear whether it extends to Graphy’s acquired companies, namely Spayee and Scenes.

This news arrives several months after Gaurav Munjal, CEO of Unacademy, publicly lauded Graphy, highlighting that creators were generating substantial earnings by selling courses on the platform. Graphy CEO Sumit Jain also expressed the company’s achievement of operational profitability in January.

In FY22, Graphy recorded revenue of Rs 8.86 crore, overcoming a loss of Rs 3.6 crore.

Unacademy itself has witnessed staff reductions in its other flagship group companies, including Relevel and PrepLadder. In January, Unacademy laid off 40 employees, equivalent to 20 percent of the Relevel workforce. Last June, the company terminated nearly 150 employees, approximately 2.6 percent of the PrepLadder workforce, as part of a performance improvement program. This series of layoffs continued when Unacademy announced a 12 percent reduction in team size, affecting more than 350 employees in March.

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