In an internal email to employees,
“It is getting worse by the day. Although we realized this much earlier and took some strict measures such as reducing our monthly burns, controlling our operating expenses, limiting our marketing budgets and identifying other layoffs within the organization , it wasn’t enough,” says the CEO of Unacademy.
“I am deeply saddened to share that we have had to say goodbye to some of our extremely talented Unacademy employees who would be across the Unacademy Group from verticals where we are faced with a difficult decision to scale down or close.” Munjal said. .
“I would like to offer my sincere apologies to everyone as we have committed not to layoffs in the organization, but the market challenges have forced us to re-evaluate our decisions,” he added.
Funding has slowed significantly and much of Unacademy’s core business has gone offline.
“This decision was not an easy one and I take full responsibility. You have contributed immensely to the success of Unacademy and the team will always be indebted to you. There is no easy way to do this and this is certainly not the kind of separation that I would have liked,” said Munjal.
The company gives a severance payment equal to the notice period and an additional two months; accelerated waiting period of 1 year; medical insurance for an additional year and dedicated placement and career support.
The layoffs came after the SoftBank-backed company reported a two-fold jump in its FY22 losses at Rs 2,848 crore for the year.
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