Edtech unicorn Unacademy has announced another round of job cuts - the fourth in the last one year as it is trimming 12 per cent of its workforce or 380 employees in a bid to "meet the goals in current realities".
With the fresh round of layoffs, Unacademy's workforce strength is down to under 3,000, compared to 6,000 in the early part of 2022.
"I never thought I would need to send out another message like this, but here I am. We have taken every step in the right direction to make our core business profitable, yet it's not enough. We have to go further, we have to go deeper," said Gaurav Munjal, co-founder and CEO of Unacademy group, in a letter addressed to employees and reviewed by Business Standard.
"Unfortunately, this has led me to take another difficult decision. We will be reducing the size of our team by 12 per cent to ensure that we can meet the goals we are chasing in the current realities we face. I did not anticipate I would have to do this again, and I'm very sorry," he said.
This story is from the March 31, 2023 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the March 31, 2023 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Plan logistics: MoE to CBSE on two board exams a year
The Ministry of Education (MOE) has asked the Central Board of Secondary Education (CBSE) to work out logistics for conducting board exams twice a year from the 2025-26 academic session, according to sources.
Rushdie at the cutting edge
I began my review of Victory City thus: \"Rejoice, for Salman Rushdie,.
Most SC/ST candidates fight with no backing from political party
ANOUSHKA SAWHNEY New Delhi, 26 April The participation of political contestants belonging to the ☐ scheduled caste and scheduled tribe has shown a declining trend over the years.
INDIA'S GAMBIT
What is behind the explosion of chess talent in the country, and what does it augur for the game?
Innovation funds: High-risk bets that are apt for seasoned investors
Failure rates among innovators tend to be high; concentrated portfolios make these funds volatile
Bajaj Finance sinks 8% amid rising NIM pressure
Brokerages bearish, anticipate NIM compression in FY25
Strong execution key for Tech Mahindra to achieve 3-year targets
The market could not make a clear assessment of Tech Mahindra with the stock swinging wildly in the last two sessions.
Mkts wrong to hope worst of geopolitical crises over: Wood
Global financial markets are wrong in hoping that the worst is over in geopolitical crises such as the Iran-Israel conflict and the Russia-Ukraine war, wrote Christopher Wood, global head of equity strategy at Jefferies, in a recent note to investors called 'GREED & fear'.
Post-LS elections gaining streak: Will Nifty IT do it again?
Usually, general elections cast a spell of sorts on Dalal Street.
BSE to shell out regulatory charge to Sebi more as
Move follows clarity on turnover fee paid by bourses
