After edtech firm Byju's laid off several of its employees, another edutech firm, Unacademy, followed suit, firing 10 per cent of its staff members. The move is part of the company's attempts to lower monthly losses and operational spending.
This is the second time this year Unacademy sacked its employees. In April, 600 employees, mostly educators/tutors and contractual employees, of Unacademy were fired.
CEO of the company, Gaurav Munjal, in an e-mail to the staff said he was saddened to inform them that the company will have to let go of some of its employees. "Around 10% of Unacademy employees across the group will be impacted because of this, and if you are one of the impacted - you will be receiving a detailed communication within 48 hours from HR," the e-mail from the Unacdemy CEO read.
"We are no strangers to the harsh economic conditions that everyone is witnessing these days. There are very difficult times for the technology ecosystem. And things are getting worse with each passing day," he wrote.
He said he wants to sincerely apologise to everyone for failing to meet the commitment of no layoffs as market challenges have forced the company to reevaluate our decisions. "Funding has significantly slowed down and a large portion of our core business has moved offline," Munjal said in the letter.