Tag: Edtech crisis

The edtech sector in India is not doing well right now. This sector, which once led the rise of startups in the country, has been eclipsed for some time. First Byju's got caught in financial troubles and now Unacademy is giving bad signals. 250 people's jobs are at stake Unacademy, an edtech startup company invested by Softback, has once again laid off many of its employees. An ET report quoted sources related to the layoffs as saying that 250 employees have been laid off in the latest round of layoffs at Unacademy. This layoff becomes a matter of concern because this is not the first time that Unacademy has done layoffs. The company has done layoffs twice before this as well. These employees have been affected According to the report, among the employees laid off by Unacademy, about 100 employees are from the core team like business development and marketing. Apart from them, the employees of the sales department have also been laid off. The report said that Unacademy has also accepted the layoff of employees and has issued a statement in this regard. The company says that it wants to improve its business efficiency and is trying to streamline the operation. This layoff is part of those efforts. Has done layoffs twice before Unacademy has done layoffs before in 2022 and 2023 as well. The company first did layoffs in April 2022, about 2 years ago. In the first layoff, about 1 thousand employees of Unacademy lost their jobs. Among them were both contract workers and full-time employees. After that, the company did a second round of layoffs in March 2023, in which 380 people lost their jobs. Situation changed after Covid Actually, online study activities had increased rapidly during Covid. At that time, many new companies in the edtech sector registered tremendous growth. Byju's rode that wave and became the most valuable startup company in the country. Right now the company is stuck in such a deep financial crisis that it is facing problems even in paying salaries to the employees on time. In the years after Covid, online study activities have gradually started coming in demand again, due to which new companies focusing on online medium are facing problems. Like many other new companies in the sector like Byju's, Physicswala etc., Unacademy is also focusing more on offline business. Also read: Buying property in this state will cost you more money, relief on stamp duty and circle rate ends Source link

Unacademy: Is Unacademy following Byju’s path? Third layoff, 250 employees laid off