NEW DELHI : Edtech unicorn
Unacademy
has laid off more than 10% of its employees in India. The move is being seen as consolidation in a space where valuations of startups ballooned during Covid.
The cost-cutting exercise by the Bengaluru-headquartered startup comes close on the heels of another edtech startup
Lido Learning
, backed by Indian entrepreneur Ronnie Screwvala, closing down in February.
Unacademy, originally founded by
Gaurav Munjal
, Hemesh Singh and
Roman Saini
in 2015 as a YouTube channel, employed 6,000 people before the layoffs. The SoftBankbacked startup, which competes with
Byju
’s, valued at $22 billion, raised $440 million in August last year at a valuation of around $3. 5 billion.
When contacted by TOI, a Unacademy spokesperson said, “We have discussed and parted ways with the identified people, in accordance with their respective contracts. Further, the company has in good faith ensured they receive certain additional benefits and a generous severance. ” The company said, as an organisation it is focused on becoming profitable by the end of Q4 CY2022 in its core business.
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