PhysicsWallah Announces Layoff Of 120 Employees Many edtech platforms have laid off over 10,000 employees due to cost-cutting measures since last year
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Edtech unicorn Physicswallah has sacked 120 employees following a performance review process. Quoting sources, Entrackr, which was the first to report the development, said that a cost-cutting exercise within the company triggered the layoffs.
"Employees across content, operations and other departments were asked to go in random meetings without concrete reasons. The numbers of impacted workforce could be even higher," said one of the sources requesting anonymity.
However, the company has denied it, saying layoffs were conducted as a part of the performance review cycle and were a cost-cutting measure."At PW, we regularly assess performance through mid-term and end-term cycles. For the cycle ending in October, less than 0.8 percent of our workforce, ranging from 70 to 120 individuals with performance concerns—may be asked to transition. Our primary focus remains on fostering a dynamic, high-performing team. We plan to hire an additional 1000 employees in the next six months, reinforcing our commitment to growth. We deeply value the dedication of our existing employees and recognize their integral role in shaping the future of education technology," said Satish Khengre, CHRO, PhysicsWallah.
The Edtech unicorn was founded in 2020 by Alakh Pandey and Prateek Maheshwari. The startup company has so far raised $100 million from investors like WestBridge Capital and GSV Ventures and has a valuation of $1.1 billion.
Many edtech platforms have laid off over 10,000 employees due to cost-cutting measures since last year. Byju's, Unacademy, Vedantu, Cuemath, and Teachmint are among the platforms that have gone for these measures.