An internal email to employees by Gaurav Munjal, co-founder and CEO of Unacademy group mentioned that about 10% of the group's employees would be affected by the restructuring process, Economic Times reported.
“I am deeply saddened to share that we will have to say goodbye to some of our extremely talented Unacademy employees to reduce the redundancies in our operations. These would be across the Unacademy group from verticals where we have to take a difficult decision either to scale down or shut,” he added.
Those who were laid off would get severance money equal to their notice term and of additional two months. Moreover, they will get an extended one-year vesting period for their stock options, a year of medical insurance and specialised placement support.
The email further stated that, while the company had anticipated the slowdown and had taken strict measures which included lowering its monthly spending, managing operational expenses, limiting marketing spending, and finding additional redundancies, however, those measures had fallen short.
In April, Unacademy laid off about 1,000 contractual and full-time workers. Of the affected workers, 300 were educators who had contracts with Unacademy; the remaining workers were in business, sales, and other areas.
