Unacademy, an Indian edtech company, cuts 12% more jobs

In its most recent wave of layoffs, Unacademy eliminated 12% of its employees, or over 350 positions in November, the company eliminated roughly 350 positions.

Co-founder and CEO of Unacademy Gaurav Munjal informed staff members of the recent layoff decision via a Slack message.

In April of last year, Unacademy, which has a market value of $3.4 billion, laid off 1,000 full-time and contract staff. To withstand the cash constraint, the startup also announced a wage cut and the closure of “some operations” in June.

Due to the market slump, tech businesses in India are finding it difficult to secure funding and are encountering difficulties. Byju’s, a competitor of Unacademy and the most valued startup in India, shut down WhiteHat Jr. and hundreds of other employees last year.

Unacademy, which counts Sequoia Capital India, Softbank, and Tiger Global among its major backers, will give impacted employees a severance payment equal to the notice period and an additional month’s pay. Additionally, the business has agreed to provide dedicated placement, career assistance, and medical insurance coverage for an additional six months until September 30. The vesting of their stock will also be accelerated by one year.

The specifics of whose roles the change will affect were not made public.