Ed-tech start-up Unacademy, which began as a YouTube channel, fires a thousand people as a part of its cost-cutting exercise.
Employees including on-roll staff and contract teachers in sales and marketing have been sacked under Money Control. Unacademy has not been in profit since the last financial year. They were not given any prior information, instead were told to either work 14 hours a day with the same package or resign.
Last week, SoftBank-backed Unacademy laid off 600 employees. The Bengaluru-based company is looking to downsize amid an impending slowdown in venture funding and a consolidating overall economic environment. Their balance sheet showed that Unacademy incurred a loss of around 1400 crores last year.
