SoftBank-backed Unacademy to cut 380 jobs

Unacademy, a leading edtech startup, is laying off 12 percent of its workforce, citing a funding winter and pressure to turn profitable, Reuters news report said.
jio-for-students“Today funding is scarce and running a profitable business is key,” Unacademy CEO and co-founder Gaurav Munjal said in an email sent to all staff.

A spokesperson for Unacademy declined to comment on the layoffs and did not disclose the number of job cuts or the current headcount.

Indian business news publication Moneycontrol reported earlier in the day that the SoftBank-backed startup laid off about 380 employees, reducing its total employee count to under 3,000.

Edtech startups in India have laid off thousands of employees in the past year and have been unable to raise funding as a slowdown gripped the market.

Companies that have cut staff include Tiger Global-backed Vedantu and Byju’s – India’s biggest startup valued at $22 billion.

However, venture capital firm GSV Ventures told Reuters last month that India is still one of the world’s most exciting markets for education technology investors.

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