“We have taken every step in the right direction to make our core business profitable, yet it’s not enough. We have to go further, we have to go deeper. Unfortunately, this has led me to take another difficult decision. We will be reducing the size of our team by 12% to ensure that we can meet the goals we are chasing in the current realities we are facing,” said the note from Munjal.
This comes a day after the company said it has hived off CodeChef, an acquisition it made in 2020. CodeChef is a competitive programming platform for students and professional programmers.
The edtech company had cut its headcount by 1,350 across two rounds of layoffs last year, while its subsidiary Relevel had fired 40 employees in January this year.
SoftBank and General Atlantic-backed Unacademy is under pressure to cut down on its monthly cash burn, even so with news of a business sale in the fray. Last month, the company had cancelled appraisals for the financial year ended March 2023 to focus on turning profitable, amid an overall tightening in funding and a demand slump for online education.
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