Physics Wallah lays off up to 120 employees

NEW DELHI: Edtech unicorn Physics Wallah (PW) has laid off some 70-120 employees, joining a batch of startups that have cut jobs this year amid a tepid funding environment. The company claimed that the decision was part of a performance-based evaluation process.

“At PW, we regularly assess performance through mid-term and end-term cycles. For the cycle ending in October, less than 0.8% of our workforce, ranging from 70 to 120 individuals with performance concerns — may be asked to transition,” chief human resources officer Satish Khengre said in a statement on Sunday.

Backed by investors like Westbridge and GSV Ventures, the Noida-based company turned unicorn last year after it raised $100 million in funding at a valuation of $1.1 billion. Even as the startup claims to be profitable, the move comes at a time when investors have become selective in terms of funding and are nudging portfolio companies to grow prudently with a clear visibility on sustained profitability. Several edtech startups, including Unacademy, Byju’s and Vedantu, have laid off employees.