Ed-tech Unacademy is laying off 380 employees

In a stringent cost-cutting measure, Unacademy, an ed-tech company, sacked 12% of its employees, ie, 380 people, on Thursday, March 30th, as per a report published by the news portal Money Control. 

This layoff of 380 employees is taking place after four months of the ed-tech company laying off 350 employees, ie, 10% of its total workforce.

The latest lay-off is Unacademy’s fourth round of reported mass lay-offs in a year. After the incident, Company’s co-founder Gaurav Munjal gave a statement lamenting the reluctantly taken ‘difficult decision’ to reduce the size of the company’s working force. He also said that the company had to decide to meet the ‘current realities’ the company is facing. 

Alongside expressing his sorrow for sacking 380 employees, Munjal further said that the affected workers would receive severance compensation equal to the notice period and an extra one month’s pay.

Unacademy is a privately held startup company (Unicorn) established in 2015 by Roman Saini, Hemesh Singh and Munjal. Apart from Unacademy, several other ed-tech companies face a severe financial crisis, especially after the pandemic.