Unacademy-run Relevel lays off 40 employees - New Delhi News

New Delhi, Jan 11 (IANS) Edtech platform Unacademy-run Relevel has laid off 40 employees, or 20 per cent of its workforce, as it shifts its focus from the education business to "tests product" and a new app called NextLevel.

by IANS | Updated Jan 11, 2023

Unacademy-run Relevel lays off 40 employees - New Delhi News

In an internal memo, Gaurav Munjal, Unacademy's Co-Founder and CEO, said that almost 80 per cent of Relevel's remaining team will be absorbed by other businesses of Unacademy Group.

"We will have to let go of around 20 per cent (around 40 people) of the team because of the lack of availability of roles for them," Munjal wrote.

The impacted employees will be extended the same benefits that were given to existing employees in November.

These are severance pay equivalent to the notice period and an additional two months, accelerated vesting, medical insurance and placement support.

Unacademy in November last year had laid off 10 per cent of its workforce or nearly 350 employees, as funding winter deepened for the Indian startup ecosystem.

"Relevel will be completely shifting its focus from the Education Business in the upcoming months to focus completely on its Tests Product and the newly launched App called NextLevel," he added.

The CEO said that the existing 'Learner Cohorts' won't be impacted and Relevel's team will continue to provide high-quality learning experience and outcomes to the Learners enrolled in those.

"Relevel's core team will focus on building NextLevel," he said.

Another edtech startup Harappa Education laid off about 73 employees, or 40 per cent of its workforce, last week.

Higher education platform upGrad last year acquired online learning institution Harappa Education for Rs 300 crore (about $38 million).

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by FreshersLIVE.Publisher : IANS-Media

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