Edtech giant Unacademy’s software-as-a-service (SaaS) platform Graphy has laid off about 20-30% of its workforce, or nearly 50 employees. The news was first reported by Inc42 which claimed that Graphy has been struggling to meet revenue targets, prompting a restructuring within the company.
However, in a statement to CNBC-TV18, the company said that the job cuts happened based on performance and had nothing to do with layoffs or revenue growth plans. “At Graphy, we are committed to growth and have a strong belief in our mission to empower creators and educators to scale their online brands and business by launching their online courses and selling them through our platform. We continue to make significant strides in achieving our goals, and our commitment to our mission is unwavering,” a Graphy spokesperson told CNBC-TV18.
“Our employees echo this commitment and are working steadfastly towards our mission. We have not done any layoffs and we remain focused on enhancing our team's performance and overall productivity so we can continue to compound our growth,” it added.
The development comes after Unacademy CEO Gaurav Munjal praised Graphy, which provides learning management system services to edtech creators. Mujal in a tweet claimed that the creators were earning about $3 million per month (₹24 crore) by selling courses on Graphy.
In January, Graphy CEO Sumit Jain tweeted that the company has achieved operational profitability. The company’s FY22 revenue stood at ₹8.86 crore against a loss of ₹3.6 crore.
Earlier, Unacademy laid off several employees from its other flagship group companies. In January, the edtech platform laid off 40 employees, or 20% of its workforce, from Relevel. In June last year, Unacademy fired nearly 150 employees, or about 2.6% of the workforce from PrepLadder, as part of a performance improvement programme (PIP).
After firing nearly 350 employees in November last year, Unacademy announced to reduce the size of the team by 12% or more than 350 employees in March this year.
(Edited by : Anand Singha)
