Unacademy lays off 250 employees in cost-cutting move; marketing and sales teams hit

Edtech startup Unacademy has laid off 250 employees in a cost-cutting measure, according to a report by CNBC-TV18.

The report mentioned that the latest round of layoffs has impacted staff across various functions, including marketing, sales, and product.

Citing sources, the CNBC-TV18 report added that around 100 affected employees were fired due to "sales performance-based exits".

The previous round of layoffs happened in March last year in Unacademy when the startup reduced its workforce by nearly 10-12% following a slowdown in its online business growth.

Notably, Unacademy has laid off around 2,000 employees in multiple restructuring exercises in the past two years.

A spokesperson told CNBC-TV18, "To streamline operations and enhance business efficiency, we have recently undergone a restructuring exercise. This was necessary keeping in mind the company's goals and vision for the year, as we focus all our efforts on sustainable growth and profitability. Consequently, some roles have been impacted. While this transition won't be easy, we will be supporting all impacted individuals during this transition".

In FY23, the SoftBank-backed firm's revenue grew by 26.15% to Rs 907 crore from Rs 719 crore in FY22. Unacademy also managed to cut down losses by 39% in FY23.

Read more: 'Byju Raveendran put himself on a pedestal and stopped listening': Unacademy CEO Gaurav Munjal