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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.

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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.

Unacademy lays off 250 employees

Inshorts · 1y ago

Unacademy lays off 250 employees

Edtech unicorn Unacademy has laid off 250 employees across several departments, media reports said. Around 100 laid-off employees were from core functions like marketing, business and product, while the rest were from sales. "As part of our ongoing efforts to streamline operations and enhance business efficiency, we have recently undergone a restructuring exercise," an Unacademy spokesperson said.

Paypal fires 2500 and UPS fires 12000 employees

Livemint

Livemint · 1y ago

Paypal fires 2500 and UPS fires 12000 employees

Payments firm PayPal is considering cutting around 2,500 jobs, or 9% of its global workforce, by 2024. CEO Alex Chriss cited the need to "right-size" the business to deliver for customers and drive profitable growth. In a separate move, logistics company UPS plans to lay off 12,000 employees to offset soft demand and higher labour costs. Both companies are taking measures to streamline operations and improve financial performance.

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.

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 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.

Okta fires 400 people

Business Insider

Business Insider · 1y ago

Okta fires 400 people

Okta is reducing its headcount by 7% as part of its commitment to achieve profitable growth. The company will lay off around 400 employees, with affected workers being notified via email. This is not the first time Okta has made job cuts, as last year it reduced its workforce by 300 employees. CEO Todd McKinnon stated that the decision was necessary to ensure greater efficiency and manage costs effectively. These layoffs come amidst a trend of tech companies, including Amazon and Google, making similar job cuts.

Exclusive: Unacademy’s PrepLadder Lays Off 145 Employees In Sales Strategy Rejig

Inc42 · 1y ago

Exclusive: Unacademy’s PrepLadder Lays Off 145 Employees In Sales Strategy Rejig

Unacademy-owned medical entrance test prep platform PrepLadder has undergone another round of layoffs, with around 145 employees being let go. This is the company's third round of layoffs in the past three years. The restructuring affected various teams, including sales, marketing, product, and tech, with the sales team being the most impacted. Unacademy confirmed the exercise and stated that it was necessary for enhancing business efficiency. The company is offering severance packages and extended medical insurance to the affected employees. The recent restructuring is attributed to increased involvement from Unacademy in PrepLadder's operations since its acquisition in 2020.

Jagnoor Singh steps down as COO of Unacademy: Report

YourStory

YourStory · 1y ago

Jagnoor Singh steps down as COO of Unacademy: Report

Unacademy's Chief Operating Officer (COO), Jagnoor Singh, has resigned from his role. Co-Founder Gaurav Munjal and Sumit Jain, recently promoted to a partner position, will take over the offline business operations directly. Singh will serve his notice period and undergo a transition phase. Unacademy does not plan to hire a replacement for Singh. Last month, Hemesh Singh, co-founder and CTO, also stepped down from his position. Unacademy recently conducted a round of job cuts, laying off 250 employees as part of a restructuring effort.

Coaching institute Allen fires 70 sales hands from NExT

Economic Times

Economic Times · 1y ago

Coaching institute Allen fires 70 sales hands from NExT

Allen Career Institute has reportedly laid off 60-70 employees from the sales department of its medical test preparation branch, Allen NExT. The layoffs have occurred in various centers across India, and the offline teaching operations of Allen NExT have also been halted. The institute has not provided any comments on the matter. The change in top management led to a significant reduction in the course price, causing dissatisfaction among students. Additionally, students have reported app-related issues and content problems. Allen NExT faces competition from other coaching institutes such as Unacademy-acquired PrepLadder and Marrow.

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