It was stated in a report, that the company was last valued at $3.4 billion and has approached several educational organisations for possible business acquisition (Image: X @Unacademy)
Unacademy, the ed-tech hub, has been on the news for some time for its mass furlough of 250 employees as part of restructuring to enhance business possibilities. Following the backlash and unfavourable judgement, as well as a recent report about a possible bailout, Unacademy co-founder and CEO Gaurav Munjal came up with a note on the X platform.
A lot is 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. Ignore the rumours.
— Gaurav Munjal (@gauravmunjal) July 3, 2024
It was stated in a report, that the company was last valued at $3.4 billion and has approached several educational organisations for possible business acquisition or merger or bailout. The start-up dismissed 10 per cent of its manpower to save additional costs. Its group firm PrepLadder also laid off 145 employees from the company in May. Unacademy soared to 26% calculating its operating revenue adding up a financial profit of Rs 907 crore and its losses also constricted about 40 per cent to Rs 1,004 crore. However, the firm hasn’t filed the audit report for FY24 yet.
Also, read| Central Government Releases Guidelines For Regulation Of Coaching Centers
According to the reports, the company’s spokesperson said that they have recently undergone a filtering process and carried out a restructuring to enhance business efficiency. The start-up further aims to sustain itself in a profitable arena that might lead to such unfortunate decisions and developments. The company assures that they will support every individual who is affected during this transition.
Unacademy became the talk of the town following the exit of its co-founder and chief technology officer Hemesh Singh. Most of the tech companies are in the process of sacking their workforce and the total count goes up to 1 lack layoffs across 347 tech companies in India.
