EducationIN

Unacademy Layoffs

March 2023

Unacademy announced a layoff affecting 0 employees (12% of its workforce) in March 2023. The company operates in the Education sector.

People Affected

Percentage

12%

Announced Date

Mar 30, 2023

About

Edtech unicorn Unacademy has laid off 12% of its workforce in its fourth round of job cuts within a year, as the company intensifies its push toward profitability amid a tough funding climate and a global economic slowdown. CEO Gaurav Munjal announced the decision via Slack, citing the need to operate in a "much leaner manner." Including this latest reduction, the total number of employees let go across Unacademy's group companies now exceeds 1,900. The impacted employees will receive severance pay equivalent to their notice period plus an additional month's salary. The Indian edtech sector has faced significant challenges since offline educational institutions resumed operations post-pandemic, with Unacademy reporting a consolidated loss of INR 2,848 crore in FY22 despite revenue growth.