Unacademy job cuts: 250 employees affected in latest restructuring move
Unacademy, an edtech startup, has announced the layoff of 250 employees across various functions due to a challenging funding environment. The layoffs include 100 employees from core functions such as marketing, business, and product. The remaining staff cuts are coming from sales. The company stated that these layoffs are part of an effort to streamline operations and enhance business efficiency.
Unacademy's restructuring exercise impacts various roles
Unacademy's recent restructuring exercise has impacted several roles within the company. The firm explained that this move was necessary to align with the company's goals and vision for the year, focusing on sustainable growth and profitability. The company also pledged support for those affected during this transition period, acknowledging that it won't be an easy process.
Edtech industry's post-pandemic struggles and Unacademy's response
The global edtech industry, which experienced a boom during Covid lockdowns, is now facing declining enrollments as schools return to in-person classes. In India, the sector faces an additional challenge with the sudden collapse of BYJU'S, previously the country's most valuable startup. For the last two years, Unacademy has been reducing costs while expanding into offline centers and experiences. The company is reportedly also in discussions with K12 Techno, parent company of school chain Orchid International, about a potential merger.
