Unacademy News | New Delhi : Indian edtech major, Unacademy has laid off 1,000 employees in the last few weeks to cut costs, said a report in Economic Times. The list includes on-roll staff as well as contractual teachers. The move comes in the wake of tightening of the overall economic environment and a slowdown in venture funding, the report said.
Most recently, Unacademy was valued at $3.4 billion after raising $440 million from Temasek. According to the report, the employees of the company said that they were given only one hour to accept the offer. Two months leave has been given in lieu of retrenchment of employees.
asked to go online
The report also said that on March 30 and 31, the company’s internal communication channel stopped working for many employees. Later, he was sent a link to an online video meeting by HR personnel and was informed to leave the company. The company did not help him find other jobs.
Plus, they weren’t given any feedback or performance ratings. ET quoted an employee as saying that he was made to work 12-14 hours a day. The workplace was full of ‘pressure and toxicity’.
300 teachers out of 1,000 fired
Of the 1,000 people fired, about 300 are teachers or, as start-ups call them, teachers. Others are related to sales, business and other teams. ET quoted a person as saying that the SoftBank-backed edtech company wanted to “reduce its cash burn”.