Unacademy has sacked another 12% of its workforce or about 380 employees in its fourth official round of layoffs.
Unacademy layoffs: After firing 350 workers in November of last year, Edtech behemoth Unacademy has now fired another 380 workers in its fourth official round of layoffs in less than five months. Twelve per cent of the company's staff would be impacted by the most recent job losses.
The co-founder and CEO of Unacademy, Gaurav Munjal, apologised and accepted full responsibility for the job layoffs in a statement posted on the company's Slack channel to all workers.
“Dear team, I never thought I would have to send out another message like this, but here I am. Unfortunately, this has led me to take another difficult decision. We will be reducing the size of our team by 12 per cent 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.” Gaurav Munjal wrote.
The company will provide the following assistance to the fired Unacademy employees as they navigate their career crises.
- Severance pay includes an additional month's pay and the notice period's value.
- Employees who have worked for Unacademy for at least a year will have their one-year vesting period accelerated.
- Additional six months of medical insurance coverage, until September 30.
- Support for placement and career.
The senior leadership team at Unacademy, including the company's founders, will see compensation reductions for FY24 (2023–2024), the latest cost-cutting measure adopted by the edtech unicorn, which is now suffering from poor growth and dwindling venture capital investment.
The wage reduction would be based on the leader's scope of work, performance, and existing pay, according to Gaurav Munjal, co-founder and CEO of Unacademy, in a note to all staff members on Slack.
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