JOIN USUnacademy cuts 10% jobs in another round of layoffs
SoftBank-backed edtech unicorn Unacademy laid off 10 per cent of its workforce on Monday, citing “harsh economic conditions” for the technology ecosystem.
This is the third round of layoffs at the firm. The previous rounds came during a larger funding winter and affected hundreds of employees across various verticals.
“I am deeply saddened to share that we will have to say goodbye to some of our extremely talented Unacademy employees to reduce the redundancies in our operations,” an internal memo sent to the employees read. DH has seen a copy of the memo.
The layoffs will happen across the verticals that may be scaled down or shut entirely.
Unacademy co-founder and chief executive Gaurav Munjal apologised for taking the decision. He had made a promise against such a move in an earlier statement.
“I want to apologise to everyone sincerely since we made a commitment of no layoffs in the organisation but the market challenges have forced us to reevaluate our decisions,” he said in the memo.
The affected employees will get detailed communication within 48 hours from HR and ‘severance pay equivalent to the notice period and an additional two months’.
Unacademy will also provide medical insurance to them for an additional one year as well as dedicated placement and career support.
“The next few days will be about helping the members who are leaving Unacademy and I would like to request all functions and teams to support this transition," he said in the memo.