Unacademy, India's second-most valuable edtech start-up, has laid off 12% of its employees due to ongoing struggles in the edtech sector.
2
Fourth round
Unacademy has laid off about 380 employees in its fourth round of layoffs, taking the total number of job cuts to over 1,900.
3
Funding struggles
Edtech start-ups in India,including major players like BYJU'S and Unacademy, are struggling to secure funding due to the fall in late-stage funding.
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No cash appraisal
Unacademy offered stock options to employees instead of cash appraisals due to mounting losses. Company reported a consolidated loss of Rs. 2,848 crore in FY22.
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Relevel and Codechef
Unacademy's Relevel laid off 20% of its workforce while pivoting from education to test products. It also hived off Codechef.