Unacademy founder and CEO Gaurav Munjal, in a recent restructuring exercise, made the tough decision to lay off 250 employees. After the layoffs, he shared a promising forecast, stating that the edtech major is on track to achieve its “best year of growth and profitability” in 2024. He urged everyone to “ignore rumours” and focus on the company’s future potential.
“There is a lot being said about Unacademy currently. To set the record straight, Unacademy will have its best year in terms of growth and profitability. We also have many years of runway. We are building Unacademy for the long run,” wrote Munjal on X (formerly Twitter).
He added, “Ignore the rumours.”
Take a look at Gaurav Munjal’s post here:
He replied to his post on X with a quote from Mark Twain. It reads, “Reports of my death have been greatly exaggerated.”
Ola CEO Bhavish Aggarwal replied to the post and wrote, “Gaurav, ignore such a vile publication like Morning Context. They have no context and are better suited for writing sitcom scripts!”
The Morning Context reported that “Unacademy is evaluating a potential way out”. It added that the company has “approached Allen, Physics Wallah, and K12 Techno” for a merger or acquisition deal.
To this, Munjal expressed gratitude towards him for “being a strong support system”.
Unacademy laid off 350 employees in March last year and around 1,000 employees in April 2022.
According to a report by Moneycontrol, the layoffs by the edtech major were part of the company’s “ongoing efforts to streamline operations and enhance business efficiency”.
“As part of our ongoing efforts to streamline operations and enhance business efficiency, we have recently undergone a restructuring exercise. This was necessary keeping in mind the company’s goals and vision for the year, as we focus all our efforts on sustainable growth and profitability,” an Unacademy spokesperson told Moneycontrol.
