Indian edtech major, Unacademy, has laid off 1,000 employees in the past few weeks to cut costs, a report by Economic Times stated. The list includes on-roll staff as well as contractual educators. The step has been taken due to tightening of the overall economic environment and a slowdown in venture funding, the report added.Also Read - SoftBank Representatives To Quit Boards Of Paytm, Policybazaar
Recently, after it raised $440 million from Temasek, Unacademy was valued at $3.4 billion. The employees of the company, according to the report stated that they were given only one hour to accept the offer. In return for the layoffs, the employees were given two months’ severance.