This decision follows over a year since achieving unicorn status and securing $100 million in funding from investors like WestBridge Capital and GSV Ventures.
In a cost-cutting measure, ed-tech firm PhysicsWallah has let go of approximately 120 employees following a performance review process. This decision impacts a mere 0.8% of the company's extensive workforce of approximately 12,000 employees.
The move comes over a year after PhysicsWallah achieved unicorn status and secured $100 million in funding from investors like WestBridge Capital and GSV Ventures.
Entracker reported that the layoffs affected employees across content, operations, and other departments, and were conducted through random meetings without clear explanations. However, PhysicsWallah contested the characterization of the event as a mass firing.
"By our regular mid-term and end-term performance assessments, less than 0.8% of our workforce, comprising 70 to 120 individuals with performance concerns, may face potential transitions," stated PhysicsWallah's Chief Human Resources Officer (CHRO), Satish Khengre, in a statement released to PTI.
Our commitment is to grow our workforce by adding 1,000 new members within the next six months. The surge in demand for online education during the pandemic prompted several tech companies, including unicorns like BYJU and Unacademy, to overstaff their operations.
"We deeply appreciate the contributions of our current employees and recognize their pivotal role in shaping the future of education technology," emphasized Mr. Khengre. Established in 2020 by online educator Alakh Pandey, PhysicsWallah achieved a valuation of $1.1 billion in June 2022.