Unacademy layoffs are back and this time, almost 12 per cent of the workforce is expected to face the brunt of these mass layoffs. In a major development, the ed-tech startup has reportedly decided to hand over pink slips to more employees, making it one of the biggest layoffs undertaken by the company.
According to a report in the Economic Times, Unacademy layoffs have been announced in an internal memo sent to the staff by the chief executive officer (CEO) Gaurav Munjal. The announcement of these job cuts comes just a day after Unacademy announced that it has broken away from CodeChef, its 2020 acquisition.
"We have taken every step in the right direction to make our core business profitable, yet it’s not enough. We have to go further, we have to go deeper. Unfortunately, this has led me to take another difficult decision. We will be reducing the size of our team by 12% to ensure that we can meet the goals we are chasing in the current realities we are facing," ET quoted Munjal as saying in the internal memo on Unacademy layoffs.
Unacademy layoffs also come at a time when the Indian start-up space has also been facing several challenges just like several big companies across the world. Due to rising costs and a global economic downturn, layoffs have become the talk of the town and even startups have not been able to insulate themselves.