Comments
Closely after hiving off CodeChef, Unacademy is now cutting down 12 per cent of its workforce in the company’s third round of layoffs.
“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 face. I did not anticipate I would have to do this again, and I’m very sorry,” CEO Gaurav Munjal said in a note to employees on March 30. Businessline has reviewed the note.
Munjal added that Unacademy has taken every step in the right direction to make its core business profitable, yet it’s not enough. “We have to go further, we have to go deeper,” he said.
The impacted employees will be given severance pay equivalent of notice period and an additional one month’s pay. Accelerated vesting of one year for employees who have been with Unacademy for at least one year and medical Insurance coverage for additional six months, i.e, until September 30. The company will also offer dedicated placement and career support to laid off employees.
Unacademy laid off 600 employees in April 2022, and another 350 employees were given the pink slip in November 2022. Unacademy-owned Relevel has also cut 40 jobs in January 2023, as it changed business focus.
Further, the edtech company yesterday announced spin out of coding platform CodeChef as an independent entity. Unacademy will continue to hold 30 per cent stake in CodeChef.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.