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Unacademy laid off 600 staff that comprise almost 10 per cent of its workforce, as per media reports
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IPO bound ed-tech unicorn Unacademy laid off 600 staffs that comprise almost 10 per cent of its workforce, according to media reports.
The Softbank edtech has laid off full-time staff from its advertising group and gross sales, along with a couple of contractual workers, educators and tutors.
An unacademy spokesperson said that based on the outcome of several assessments and roles of employees were re-evaluated due to role performance and redundancy which is common to organisations of scale and size. It also added that the company is in good faith ensuring they receive certain additional generous severance.
Unacademy had raised USD 440 million led by sovereign wealth fund Temasek in August final yr, valuing the corporate at USD 3.4 billion. Unacademy counts international enterprise capital (VC) corporations, together with Sequoia Capital, Tiger Global Management and SoftBank, amongst others, as its backers.
(With Inputs From Agencies)