“Today… funding is scarce and running a profitable business is key,” CEO and co-founder Gaurav Munjal mentioned in an e mail despatched to all workers.

A spokesperson for Unacademy declined to touch upon the layoffs and didn’t disclose the variety of job cuts or the present headcount. Indian enterprise information publication Moneycontrol reported earlier within the day that the SoftBank-backed startup laid off about 380 workers, lowering its whole worker rely to below 3,000.

Edtech startups in India have laid off hundreds of workers prior to now yr and have been unable to lift funding as a slowdown gripped the market.

Companies which have minimize workers embrace Tiger Global-backed Vedantu and Byju’s – India’s largest startup valued at $22 billion.

However, enterprise capital agency GSV Ventures informed Reuters final month that India continues to be one of many world’s most fun markets for schooling expertise buyers.

Fears of an financial downturn prompted startups to slash hundreds of jobs in current months.

Over the previous two weeks, expertise big Amazon.com Inc and IT providers main Accenture Plc mentioned they’d lay off 9,000 and 19,000 jobs, respectively.