Unacademy, an edtech startup, announced on Thursday another round of layoffs, cutting 12% of its workforce, according to an internal memo sent by CEO Gaurav Munjal, as reported by ET.
The note from Munjal said, “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. Unfortunately, this has led me to take another difficult decision. We will be reducing the size of our team by 12% to ensure that we can meet the goals we are chasing in the current realities we are facing.”
This comes a day after the business announced that it had separated CodeChef, an acquisition from 2020. For both students and professional programmers, CodeChef is a competitive programming environment.
The edtech company fired 1,350 workers in two rounds of layoffs last year, while 40 workers at its subsidiary Relevel were let go in January of this year.
Funded by SoftBank & General Atlantic
Unacademy, which is sponsored by SoftBank and General Atlantic, is under pressure to reduce its monthly cash loss despite the rumours of a company sale.
In the midst of general funding constraints and a decline in demand for online education, the company had last month cancelled appraisals for the fiscal year that ended in March 2023 in order to concentrate on becoming profitable.
(To receive our E-paper on WhatsApp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)