Unacademy performs a massive cost-cutting exercise of the year. About thousand of employees have been terminated since the past few weeks. Some of them include educators, people in sales and other positions.
Unacademy lay off
The edtech company that is based in Bangalore has laid off more than a thousand employees from its company. The decision also takes in employees from partner groups such as Prepladder, Codechef, Graphy and Relevel.
The lay offs were made in regard to over arching price rise in Indian economy. The company’s venture funding has been stagnant and the overall budget of the company had to be tight fisted in order to survive the harsh economy. Last year the value of the company was close to $3.4 billion.
As per the reports from one of the workers in Unacademy, ” They are lookng to bring down their cash burn from each cost centre and have therefore undertaken this move.”
It had to lay off more than a thousand employee includng educators who were on a contractual basis along with people from different sectors such as sales, business,market.
Many employees have stated that they were not aware of the laying off process and that the company did not even hint them before hand. As a result they have now no where to go.
The HR department of the company sent those who were getting fired, a link wherein they were asked to accept company’s offer of severance pay.
