Softbank-backed Unacademy sacked about 10 per cent of its workforce, or around 350 employees on Monday citing unfavourable market conditions and due to the ongoing funding slowdown for tech startups.
Unacademy CEO Gaurav Munjal notified the layoffs in an internal email to employees stating that all affected employees will be given a severance pay equivalent to the notice period and an additional two months. He added that employees will also get an accelerated one year vesting period of their SOP shares. FE reviewed a copy of the email.
“Even though we realised this much earlier and took some stringent measures such as reducing our monthly burns, controlling our operational spends, limiting our marketing budgets and identifying other redundancies within the organisation, it was not enough. We need to keep optimising and building efficient systems for leaner and unprecedented times,” Munjal added. The fresh round of…
