‘Painful to see gifted folks go away us’: Unacademy’s Gaurav Munjal laments sacking 350 workers

Gaurav Munjal, CEO and co-founder, Unacademy, in a tweet on November 7, lamented the current spherical of layoffs and mentioned that it’s painful to see a few of his greatest folks leaving the organisation. Unacademy, the SoftBank-backed edtech firm, not too long ago introduced it will lay off 10 per cent of its workforce or about 350 workers amid the drying up of funds within the sector.  

In the identical tweet, Munjal mentioned that he’s keen to assist different corporations in reappointing the laid-off workers. “In case you are hiring in your organisation, please e mail me at [email protected] and we might ship you the listing of the impacted roles,” he tweeted. 

On November 7, in an inner e mail despatched to the staff, Munjal mentioned that the corporate must hold optimising and constructing environment friendly techniques for leaner and unprecedented occasions.  

“Round 10 per cent of Unacademy workers throughout the group can be impacted due to this, and in case you are one of many impacted – you’ll be receiving an in depth communication inside 48 hours from HR,” he mentioned. 

In April this yr, Unacademy laid off practically 600 workers from its totally different places of work. These requested to go away have been principally educators, tutors and contractual workers. 

Additionally learn: Begin-up funding picks up in October, however fintech and edtech battle

Following this, in July, Munjal assured his workers in an inner e mail that the corporate wouldn’t train any extra layoffs.  

In his current be aware, Munjal apologised for the u-turn, and blamed prevailing market challenges, and harsh financial circumstances for the choice to put off workers. 

The be aware added: “We are not any strangers to the cruel financial circumstances that everybody is witnessing nowadays. These are very troublesome occasions for the expertise ecosystem. And issues are getting worse with every passing day.”

The Bangalore-based edtech unicorn reported a two-fold leap in its losses final fiscal (FY22). The corporate reported a lack of Rs 2,848 crore for the yr 2021-22, with working income of Rs 719 crore. The corporate’s ESOP (worker inventory possession plan) prices had jumped to greater than Rs 1,200 crore for the yr, leading to widening losses.