According to media reports, Unacademy announced another round of layoffs on Thursday, laying off 12 per cent of its workforce, according to an internal memo sent by CEO Gaurav Munjal.
A note from Munjal, said that We have taken every step in the right direction to make our core business profitable, yet it’s not enough. We have to go further, we have to go deeper. Unfortunately, this has led me to take another difficult decision. We will be reducing the size of our team by 12 per cent to ensure that we can meet the goals we are chasing in the current realities we are facing.
This comes a day after the company announced the separation of CodeChef, an acquisition made in 2020. CodeChef is a programming competition platform for both students and professionals.
The edtech firm cut 1,350 jobs in two rounds of layoffs last year, and its subsidiary Relevel laid off 40 employees in January of this year.
Unacademy, which is backed by SoftBank and General Atlantic, is under pressure to reduce its monthly cash burn, even with news of a business sale in the mix. The company cancelled appraisals for the fiscal year ending March 2023 last month in order to focus on turning profitable, despite overall funding tightening and a drop in demand for online education.