Unacademy lays off 12% of workforce in its latest round of job cuts
"We have taken every step in the right decision to make our core business profitable, yet it's not enough. We have to go further, we have to go deeper," Munjal was quoted as saying.
"Today's reality is a contrast from two years ago when we saw unprecedented growth because of the accelerated adoption of online learning. Today, the global economy is enduring a recession, funding is scarce and running a profitable business is key. We have to adapt to these changes, build and operate in a much leaner manner so we can truly create value for our users and shareholders," he added.
Moreover, in a message to employees, Munjal stated that he takes "complete responsibility for the way things have turned out".
In November last year, Unacademy laid off 10 per cent of its workforce or nearly 350 employees, as funding winter deepens for the Indian startup ecosystem.
Earlier this year, Unacademy-run Relevel laid off 40 employees, or 20 per cent of its workforce, as it shifts its focus from the education business to "tests product" and a new app called NextLevel.
Meanwhile, another edtech major BYJU's has laid off a further 15 per cent of its employees from its engineering teams, as the company continues phased layoffs to remain growth-oriented in a global economic meltdown.
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