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HomeEducationIndian online education firm Unacademy to cut another 350 jobs

Indian online education firm Unacademy to cut another 350 jobs

MUMBAI: Indian on-line schooling agency Unacademy will reduce 10% of its workforce as a result of “harsh financial situations“, the corporate informed workers in a letter on Monday, its second spherical of layoffs this 12 months.
Softbank-backed Unacademy has tried to curb spending on advertising and management operational prices but it surely was not sufficient, founder and CEO Gaurav Munjal mentioned within the letter, which was seen by Reuters.
The Bengaluru-based firm employs round 3,500 folks, so 350 workers could be affected on this spherical of layoffs, a supply within the firm informed Reuters on situation of anonymity as a result of they weren’t authorised to talk to the media in regards to the matter.
“Funding has considerably slowed down and a big portion of our core enterprise has moved offline,” Munjal mentioned within the letter.
A spokesperson for Unacademy didn’t instantly reply to a request for remark from Reuters.
Unacademy, which was arrange in 2015 and has raised funding from Softbank amongst different buyers, reduce greater than 600 jobs in April this 12 months, native media reported on the time.
“We made a dedication of no layoffs within the organisation however the market challenges have compelled us to reevaluate our choices,” Munjal mentioned within the letter.

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