In November 2023, Indian edtech unicorn PhysicsWallah laid off between 120 to 150 employees, marking its first such workforce reduction. The company, which provides online and offline coaching for competitive exams like JEE and NEET, framed the move as a performance-based review affecting less than 0.8% of its total workforce, though sources cited a cost-cutting exercise impacting various departments. Despite the layoffs, PhysicsWallah announced plans to hire an additional 1,000 employees in the following six months. The company, founded in 2016 and valued at over $1 billion, had seen rapid revenue growth, reporting Rs 780 crore in FY23.
