Unacademy axes 10% of employees to cut costs: Report

Unacademy founders, Gaurav Munjal, Roman Saini and Hemesh Singh with WiFiStudy CEO Dinesh Godara

1 min read . Updated: 08 Apr 2022, 09:17 AM IST Livemint

The Softbank-backed edtech has laid off full-time employees from its sales and marketing team

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IPO-bound edtech unicorn Unacademy has laid off nearly 600 employees comprising nearly 10% of its workforce, LiveMint's sister publication VCCircle reported on Thursday.

The Softbank-backed edtech has laid off full-time employees from its sales and marketing team, along with a few contractual staff and educators or tutors.

"Based on the outcome of several assessments, a small subset of the employee, contractor and educator roles were re-evaluated due to role redundancy and performance, as is common for any organization of our size and scale," Unacademy spokesperson said.

The spokesperson added that the "company has in good faith ensured they receive certain additional benefits and a generous severance."

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Unacademy had raised $440 million led by sovereign wealth fund Temasek in August last year, valuing the company at $3.4 billion. Unacademy counts global venture capital (VC) firms, including Sequoia Capital, Tiger Global Management and SoftBank, among others, as its backers.

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