New Delhi, July 2: Unacademy has laid off 250 employees from its various departments. The Unacademy layoffs add to the growing list of layoffs happening in 2024. The company, known for its online learning platform, has made the decision as part of a strategic move to streamline its operations. The Unacademy layoffs are seen as an effort to reduce costs and focus on core business areas.

As per a report of Money Control, Unacademy, an online learning platform, has laid off 250 employees from various departments. Out of these, 100 employees were from important departments like marketing, business and product development, while the remaining employees were from the sales department. Tech Layoffs 2024: More Than 1,00,000 Employees Laid Off Since January 2024, Around 41,000 People Lost Their Jobs in June Alone, Says Report.

The announcement comes at a time when demand for edtech companies is slowing down. Many investors have lost confidence in edtech companies, as those that depend heavily on online delivery are still struggling. The report also suggests that the decision made by the company as part of its restructuring process and to become profitable. By reducing costs, Unacademy might improve its financial performance and achieve long-term sustainability.

Unacademy is an online learning platform that was started in 2015 by Gaurav Munjal, Roman Saini and Hemesh Singh. It helps students prepare for different competitive exams through its online courses. Since its establishment, Unacademy has received a total of USD 877 million in funding and is currently valued at USD 3.4 billion. In August 2021, the company has also raised USD 440 million from Temasek and General Atlantic. Planet Labs Layoffs: Earth Imaging and Monitoring Company Lays Off 17% of Its Workforce, Around 180 People as Part of Cost-Cutting Measures.

In April this year, Byju's laid off around 500 employees as part of a business restructuring plan. Unacademy reported a net loss of INR 1,678.15 crore for FY22, down from INR 2,848 crore the previous year. During this period, their spending on employee benefits decreased to INR 1,281.28 crore from INR 1,771.64 crore.

(The above story first appeared on LatestLY on Jul 02, 2024 07:23 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website