Indian Edtech Startup Unacademy Announces Layoffs, Cutting 250 Staff Members
Indian edtech giant Unacademy is undergoing significant workforce reductions, with approximately 250 employees being laid off. This move comes in response to the reopening of schools nationwide following pandemic lockdowns, marking the latest in a series of job cuts at the company.
Based in Bengaluru and valued at $3.4 billion as of its last funding round in 2021, Unacademy is letting go of 100 individuals in marketing, business, and product roles, along with about 150 in sales, according to a source familiar with the matter. Since the latter half of 2022, Unacademy has implemented job cuts totaling around 2,000.
While an Unacademy spokesperson confirmed the layoffs, specific details on the number of affected employees were not disclosed. The spokesperson emphasized that these restructuring efforts were deemed necessary to align with the company’s profitability objectives. Unacademy's major investors include General Atlantic, SoftBank, and Peak XV.
During the pandemic lockdowns, edtech firms globally experienced a surge in demand as students enrolled in online courses in large numbers. However, with the reopening of schools, these firms witnessed a decline in enrollment. The recent struggles of Byju’s, once India’s most valuable startup, have also contributed to wavering confidence in the sector. Prosus, Byju’s largest external investor, recently wrote down its stake in the company to zero amidst mounting challenges and governance issues.
Unacademy, known for its online courses catering to India’s competitive exams, has been focused on cost-cutting measures over the past two years, while simultaneously expanding its physical presence and offerings.
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