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Unacademy CEO commented on post about startup failures day before 250 layoffs

Inshorts · 1y ago

Unacademy CEO commented on post about startup failures day before 250 layoffs

Unacademy CEO Gaurav Munjal on July 1 commented "Hits the right chords" on a post about startup failures shared by Zeta's CEO Bhavin Turakhia on X. "Premature Founder Boredom is a recipe for failure amongst startups," Turakhia wrote. Munjal's comment on Turakhia's post came just a day before his edtech startup Unacademy announced laying off 250 employees.

Related News

Unacademy to record best year of growth, ignore rumours: CEO Gaurav Munjal clarifies after latest layoff round

Livemint

Livemint · 1y ago

Unacademy to record best year of growth, ignore rumours: CEO Gaurav Munjal clarifies after latest layoff round

Unacademy CEO Gaurav Munjal has responded to rumors about the company's future, stating that it will have its best year in terms of growth and profitability in 2024. He emphasized that Unacademy has a long-term vision and dismissed the speculations. The clarification comes after Unacademy announced laying off 250 employees. Munjal also quoted Mark Twain, saying that reports of their downfall have been exaggerated. This news follows the recent challenges faced by Indian tech startups, including layoffs and financial difficulties. Unacademy is reportedly exploring a potential merger with K-12 Techno Services.

Unacademy Fires Another 250 Employees To Turn Profitable

Inc42 · 1y ago

Unacademy Fires Another 250 Employees To Turn Profitable

Last month, Unacademy conducted a restructuring that led to the termination of 250 employees. Out of the total, 150 employees from the sales department were fired due to their failure to meet sales targets. Unacademy confirmed the layoffs but did not disclose the exact number of employees affected.

Bharat Serums shortlists three bidders; Unacademy lays off 250 people

VCCircle

VCCircle · 1y ago

Bharat Serums shortlists three bidders; Unacademy lays off 250 people

Bharat Serums & Vaccines (BSV), a biopharmaceutical company backed by Advent International, has shortlisted three potential buyers for its ongoing sale. The shortlisted bidders include a consortium of EQT and Abu Dhabi Investment Authority, Indian drugmaker Mankind Pharma, and a consortium of ChrysCapital, Warburg Pincus, and Mubadala. In another development, edtech firm Unacademy, supported by SoftBank and General Atlantic, has laid off 250 employees. The layoffs come amidst reports of a potential merger between Unacademy and K12 Techno, the operator of Orchids International Schools.

Exclusive: Unacademy founders Munjal, Saini set to exit, shift focus to AirLearn

Economic Times

Economic Times · 1m ago

Exclusive: Unacademy founders Munjal, Saini set to exit, shift focus to AirLearn

Unacademy cofounders Gaurav Munjal and Roman Saini are stepping down from active roles amid strategic shifts at the edtech company. Munjal will focus on AirLearn, a language-learning app spinout, as Unacademy pivots from online test prep to offline coaching centers. Sumit Jain takes over as CEO. The company, facing a challenging post-pandemic edtech landscape, sees declining revenues and restructuring. Unacademy raised $880 million in funding, with major stakeholders including SoftBank and General Atlantic.

‘Should be recruited under Agniveer Scheme,’ Kunal Kamra calls out Ola again | Mint

Livemint

Livemint · 8m ago

‘Should be recruited under Agniveer Scheme,’ Kunal Kamra calls out Ola again | Mint

Comedian Kunal Kamra has once again criticized Ola Electric for its electric vehicle servicing facilities. Kamra joked that anyone who successfully gets their Ola EV serviced should be recruited under the Centre's Agni-Veer scheme. Social media users commented on the post, expressing their own concerns with Ola's servicing. In a separate post, Kamra also reacted to a user's complaint about Ola's complaint-addressing mechanism. Ola CEO Bhavish Aggarwal responded to Kamra's concerns, offering to assist him if he is genuinely concerned about the scooters.

Former Unacademy executive Vivek Sinha nets $11 Mn for his new Edtech Venture

Inc42 · 1y ago

Former Unacademy executive Vivek Sinha nets $11 Mn for his new Edtech Venture

Former Unacademy executive Vivek Sinha has raised $11 million in funding for his new edtech startup. The funding round included participation from Lightspeed Venture Partners, Matrix Partners, and angel investors such as OYO CEO Ritesh Agarwal and Unacademy CEO Gaurav Munjal. Sinha's startup, focused on the upskilling sector and supporting the healthcare industry, remains undisclosed in its name. Sinha left his position as COO of Unacademy in August and is actively seeking more angel investors for the funding round.

Unacademy cuts FY24 losses by 62% to Rs 631 crore on cost-cutting, lower expenses

Economic Times

Economic Times · 7m ago

Unacademy cuts FY24 losses by 62% to Rs 631 crore on cost-cutting, lower expenses

Unacademy, an edtech startup backed by SoftBank, has significantly reduced its losses by 62% in FY24. The company's net loss decreased to Rs 631 crore, down from Rs 1,678 crore in the previous year. Operating revenue also declined by 7% to Rs 840 crore. Unacademy managed to cut expenses by 40%, including a reduction in advertising and promotional costs. The company has undergone multiple restructuring exercises, including layoffs and management changes. Despite the slowdown in online education demand, Unacademy remains focused on expanding its offline presence.

Unacademy Cofounders Gaurav Munjal, Roman Saini Set to Exit Amid Offline Pivot

OutlookIndia

OutlookIndia · 1m ago

Unacademy Cofounders Gaurav Munjal, Roman Saini Set to Exit Amid Offline Pivot

Unacademy founders Gaurav Munjal and Roman Saini are stepping down amid significant leadership changes as the company pivots to offline education. Board member Sumit Jain will assume the CEO role. These shifts followed internal changes, an unsuccessful acquisition, and heightened focus on language app AirLearn. Munjal and Saini, who co-founded Unacademy a decade ago as a YouTube channel, will retain their shares and cease day-to-day operations as the company aims for profitability in offline centers by 2025.

Exclusive: Unacademy COO Jagnoor Singh Quits, Gaurav Munjal & Sumit Jain To Take Charge

Inc42 · 1y ago

Exclusive: Unacademy COO Jagnoor Singh Quits, Gaurav Munjal & Sumit Jain To Take Charge

Jagnoor Singh, the COO of offline centres at Unacademy, is currently serving his notice period and will be in transition for the next six months. The startup does not plan to hire a replacement for Singh, as cofounders Gaurav Munjal and Sumit Jain will oversee the offline business. Unacademy recently laid off 250 employees as part of a restructuring effort.

Unacademy COO Vivek Sinha Resigns After Three-Year Stint

Inc42 · 1y ago

Unacademy COO Vivek Sinha Resigns After Three-Year Stint

Vivek Sinha, the Chief Operating Officer (COO) of edtech unicorn Unacademy, has resigned from his position. Sinha announced his departure via an X post, expressing gratitude for his time at Unacademy. He did not specify his next move. Sinha, an alumnus of NIT Jamshedpur and ISB, joined Unacademy in August 2020 and managed various verticals. His departure follows Unacademy's recent hiring of Anurag Tiwari from Aakash Educational Institute to lead its offline vertical and the elevation of Graphy CEO Sumit Jain to a partner role. Unacademy has implemented cost-cutting measures and achieved a cash flow positive month in June 2023.

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