Education technology platform Unacademy will terminate the employment of nearly 600 employees, contractors and educators — about 10% of its 6,000 employees — to focus on generating profits by the end of the fourth quarter ( T4) of this year in its core business.
The online education platform said it discussed and parted ways with employees, who will lose their jobs, in accordance with their respective employment contracts, IANS reports.
“Based on the results of multiple assessments, a small subset of employee, contractor, and educator roles have been reassessed due to role and performance redundancy. The vast majority of roles impacted are the result of this process and the efficiencies we aim to generate in the wider business,” Unacademy said in a statement.
Unacademy said it was ensuring that terminated employees would receive certain additional benefits and a generous severance package.
Unacademy is one of the largest digital learning platforms with a growing network of 60,000 registered educators and over 62 million learners.
Unacademy offers education in 14 Indian languages to learners in 10,000 cities. Unacademy Group includes Unacademy, Graphy, Relevel and CodeChef.
“We are optimistic about our core test readiness business and the growth of our group companies Relevel, PrepLadder and Graphy. Our test readiness business is growing by more than 50% and our EBITDA percentage is also improving,” the Unacademy spokesperson said.
Currently, there are over 1.8 million registered users on the Relevel platform.
The most notable achievement is that Relevel provided total offers worth $2 million to candidates who passed the Relevel test.