Report: PhysicWallah Lays Off 120 Staffs Based On Performance Review, Planning To Hire 1000
Based on a cyclical performance review, PhysicWallah has laid off 120 employees, as per a report. It is said that the Edtech startup has asked the staff to leave the company after a mid-term appraisal analysis conducted on October, as said by report.
An official from the company shared with Economic Times after questions were raised regarding unverified claims of over 500 staffs being laid off by PhysicWallah, circulating in social media.
Entrackr, who was first to report the issue and quoted chief human resources officer at PhysicWallah, Satish Khengre as saying, “less than 0.8 percent of our workforce, ranging from 70 to 120 individuals with performance concerns – may be asked to transition”. He made the comment based on the performance review conducted on October. Mr. Khengre told Economic Times that the company is planning to hire around 1,000 more employees over next six months.
PhysicWallah is an edtech platform for medical and engineering entrance examinations. After raising $100 million form WestBridge Capital and GSV Ventures at a valuation of $1.1 billion, the company has entered the club of unicorns.
PysicWallah is founded by Alakh Pandey, in 2020. Alekh Pandey was a YouTube teacher. In the Fiscal Year of 2022, the company has reported net worth of 97.8 crore, which is 14 times higher than the previous year’s record, that was 6.93 crore. The standalone operational value of the company jumped to 232.48 crore. While talking to Moneycontrol last year, Mr. Pandey said that the company expects to yield revenue over 1200 crore in the 2023 fiscal year.
