Education technology platform Unacademy will be terminating job of nearly 600 employees, contractual workers and educators – about 10 percent of its 6,000-strong workforce – to focus on generating profit by the end of the fourth quarter (Q4) this year in its core business.
The online education platform said it discussed and parted ways with the employees, who will lose the job, in accordance with their respective employment contracts, IANS reports.
“Based on the outcome of several assessments, a small subset of employee, contractor, and educator roles was re-evaluated due to role redundancy and performance. The vast majority of roles impacted have been a result of that process, and the efficiency we aim to drive in the broader business,” said Unacademy in a statement.
Unacademy said that it ensured the sacked employees would receive certain additional benefits and a generous severance.
Unacademy is one of the largest digital learning platforms with a growing network of 60,000 registered educators and over 62 million learners.
Unacademy is offering education in 14 Indian languages to learners across 10,000 cities. Unacademy Group comprises Unacademy, Graphy, Relevel and CodeChef.
“We are bullish about our core test-prep business and in the growth of our group companies Relevel, PrepLadder and Graphy. Our test-prep business is growing over 50 percent and our EBITDA percentage is also getting better,” said Unacademy spokesperson.
Currently there are over 1.8 million registered users on the Relevel platform.
The most remarkable achievement is that Relevel has delivered $2 million worth of total offers to candidates who have passed the Relevel test.
