Unacademy lays off 12% of workforce in its latest round of job cuts

New Delhi: Edtech major Unacademy has laid off 12 per cent of its workforce or over 350 employees in its latest round of job cuts.

Gaurav Munjal, co-founder and CEO of Unacademy, announced the latest layoffs in a Slack message to employees, reports TechCrunch.

"We have taken every step in the right decision to make our core business profitable, yet it's not enough. We have to go further, we have to go deeper," Munjal was quoted as saying.

"Today's reality is a contrast from two years ago where we saw unprecedented growth because of accelerated adoption of online learning. Today, the global economy is enduring a recession, funding is scare and running a profitable business is key. We have to adapt to these changes, build and operate in a much leaner manner so we can truly create value for our users and shareholders," he added.

Moreover, in a message to employees, Munjal stated that he takes "complete responsibility for the way things have turned out".

In November last year, Unacademy laid off 10 per cent of its workforce or nearly 350 employees, as funding winter deepens for the Indian startup ecosystem.

Earlier this year, Unacademy-run Relevel laid off 40 employees, or 20 per cent of its workforce, as it shifts its focus from the education business to "tests product" and a new app called NextLevel.

Meanwhile, another edtech major BYJU's has laid off further 15 per cent of its employees from its engineering teams, as the company continues phased layoffs to remain growth-oriented in a global economic meltdown.