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Yet Another Layoff At Unacademy, But Company Denies And Terms It As 'Standard Practice'
-Unacademy had turned unicorn in September 2020 -The departure of these employees is a result of the PIP, which is a standard practice in all organisations -"Unacademy has not conducted any layoffs, and we strongly deny the information as it is factually incorrect
Edtech platform Unacademy on Saturday reportedly said that a small fraction of its workforce (2.6 per cent) has been asked to go as part of a performance improvement programme (PIP).
Sources had a very well-known media company that nearly 150 employees (2.6 per cent) from Unacademy's PrepLadder team were laid off.
In 2020, Unacademy acquired Chandigarh-based PrepLadder, a leading post-graduate medical entrance exam preparation platform, for $50 million.
A company spokesperson told that "The departure of these employees is a result of the PIP, which is a standard practice in all organisations", as per a known media house.
"Unacademy has not conducted any layoffs, and we strongly deny the information as it is factually incorrect," the spokesperson added.
The company said the affected employees have been given generous severance and support, like "garden leave" for the duration of the notice period, additional payout equivalent to two months' salary, and an extension of existing medical/insurance coverage till mid-July and assistance in outplacements.
Founded by Deepanshu Goyal, Vitul Goyal and Sahil Goyal in 2016, PrepLadder prepares students for medical examinations and provides access to education services and preparation material for exams such as NEET PG, AIIMS PG, NEET SS, and FMGE.
In April 2022, Unacademy had laid off nearly 600 employees, contractual workers and educators, i.e. about 10 % of its 6,000-strong workforce across the group.
The company reportedly said it discussed and parted ways with the identified people, in accordance with their respective contracts.
After starting as a YouTube channel in 2010, Unacademy has become one of the largest learning platforms with a growing network of 60,000 registered educators and over 62 million learners, as per a known media house.
