6thWave: AI News Hub

Indian edtech giant Unacademy is laying off around 250 employees, continuing a series of workforce reductions following the reopening of schools post-pandemic. The Bengaluru-based startup, valued at $3.4 billion in its 2021 funding round, is cutting jobs to align with its goal of profitability. The latest layoffs affect 100 employees in marketing, business, and product roles, and about 150 in sales. This brings Unacademy’s total job cuts to approximately 2,000 since mid-2022. The layoffs come amidst potential merger talks with K12 Techno, owner of Orchid International school chain. The edtech sector experienced a boom during pandemic lockdowns, but saw a steep decline in enrollments once schools reopened. The collapse of Byju’s, another major player in the sector, has further shaken investor confidence. Unacademy has been reducing costs while expanding its physical presence. CEO Gaurav Munjal emphasized the necessity of offline ventures and criticized Byju’s founder for ignoring advice, attributing Byju’s failure to this leadership style.

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