Indian edtech big Unacademy is shedding about 250 workers, the newest in a sequence of layoffs because the reopening of faculties throughout the nation after the pandemic.
The Bengaluru-headquartered startup, valued at $3.four billion in its final funding in 2021, is reducing 100 jobs in core roles (advertising and marketing, enterprise and product) and about 150 in gross sales, in accordance with a supply acquainted with the scenario. This new spherical of layoffs signifies that Unacademy could have lower about 2,000 jobs because the second half of 2022.
An Unacademy spokesperson confirmed the layoff however didn’t elaborate on what number of people had been impacted.
The restructuring train has been “necessary” to remain on the startup’s purpose of reaching profitability, mentioned Unacademy, which counts General Atlantic, SoftBank and Peak XV amongst its backers.
The layoffs come at a time when Unacademy is in discussions with Ok12 Techno, the mum or dad agency of college chain Orchid International, for a doable merger, in accordance with two folks acquainted with the matter.
Edtech companies globally boomed in the course of the pandemic lockdowns, however have been dealing with declining enrollments as colleges return to in-person lessons. In India, the edtech trade is dealing with one other setback: the sudden collapse of Byju’s, as soon as the nation’s most useful startup.
Prosus, the most important exterior investor of Byju’s, reported final month that it had written down its 9.6% stake in Byju’s to zero amid rising troubles and governance points on the Indian agency.
More to observe.
