Edtech firm fires 350 employees
Edtech unicorn Unacademy has fired 10% of the workforce or about 350 employees in third such round of layoffs within a year.
Unacademy CEO Gaurav Munjal pointed out the need to cut costs amid harsh economic conditions as the reason behind the layoffs.
He said that the company needs to keep optimizing and building efficient systems for leaner and unprecedented times.
Employees in July had been promised that the company will not lay off any more employees.
The CEO apologized for the u-turn from his earlier statement in the latest note.
Prior to this, Unacademy fired 150 employees in June after a performance improvement plan.