Unacademy Lays Off Nearly 600 Workers, Aims To Become Profitable by Fourth Quarter in 2022
Edtech platform Unacademy, which laid off nearly 600 employees, contractual workers and educators - about 10 per cent of its 6,000-strong workforce across the group - said on Friday that it is focused on becoming profitable by the end of the fourth quarter (Q4) this year in its core business, while investing for growth in group companies.
New Delhi, April 8: Edtech platform Unacademy, which laid off nearly 600 employees, contractual workers and educators - about 10 per cent of its 6,000-strong workforce across the group - said on Friday that it is focused on becoming profitable by the end of the fourth quarter (Q4) this year in its core business, while investing for growth in group companies.
The company said it discussed and parted ways with the identified people, in accordance with their respective contracts. "Based on the outcome of several assessments, a small subset of employee, contractor, and educator roles were re-evaluated due to role redundancy and performance, as is common for any organisation of our size and scale. The vast majority of roles impacted has been a result of that process, and the efficiency we aim to drive in the broader business," a company spokesperson said in a statement.
The company said that it ensured they receive certain additional benefits and a generous severance. Started as a YouTube channel in 2010, Unacademy is one of the largest learning platforms with a growing network of 60,000 registered educators and over 62 million learners.
With education being imparted in 14 Indian languages to learners across 10,000 cities, Unacademy Group comprises Unacademy, Graphy, Relevel and CodeChef.
"We are extremely bullish about our core test-prep business and in the growth of our group companies Relevel, PrepLadder and Graphy. Our test-prep business is growing over 50 per cent (on-tear) and our EBITDA percentage is also getting better," said the company spokesperson.
Currently there are over 1.8 million registered users on the Relevel platform. "However, the most remarkable achievement is that Relevel has delivered $2 million worth of total offers to candidates who have passed the Relevel test," the spokesperson added.
(The above story first appeared on LatestLY on Apr 08, 2022 07:58 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).