Indian edtech startup Unacademy, which began as a YouTube channel by cofounders Gaurav Munjal, Hemesh Singh, and Roman Saini in 2015, is now following the trend of other major edtech companies in the country with a new round of layoffs. The company has cut around 250 employees amid rumors of a potential merger of sales teams. Reports indicate that 100 of these employees were affected by the company’s restructuring efforts, while 150 were dismissed for not meeting sales targets. According to a Financial Express report, the restructuring has impacted at least 600 employees at Unacademy. In March, the company had laid off 12 percent of its workforce, resulting in 380 job losses.
In response to Ashish K Mishra’s X/Twitter post titled “Unacademy Is For Sale,” co-founder Munjal commented that the title was clickbait. Mishra replied that the title was “an accurate summation of the” scoop. In his latest tweet, Munjal tried to dispel the rumors, stating that Unacademy will have its best year in 2024 and suggested ignoring the rumors. Another co-founder, Roman Saini, tweeted that the venture is preparing to teach the highest number of UPSC aspirants this year, both online and offline. In a series of posts, Munjal shared his learnings from the past two years, including the importance of not hiding behind silent layoffs when making tough decisions and recognizing that “some years are not about winning, some years are for surviving”.
Business Standard reported that Unacademy’s monthly cash burn has reduced to Rs 1.9 crore, while revenue has reached Rs 130 crore. Winning or surviving in 2024, Munjal?
