Edtech unicorn PhysicWallah lays off 120 employees: Reports
Economic Times reported, citing a top official of the company. The official was responding to the newspaper's query on social media posts that made unverified claims of around 500 staffers being laid off by PhysicsWallah.
Entrackr, which was first to report the development, quoted Satish Khengre, chief human resources officer of PhysicsWallah, as saying that “less than 0.8 percent of our workforce, ranging from 70 to 120 individuals with performance concerns—may be asked to transition" based on the performance review for the period ending in October. Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! Also Read: He rejected ₹75-crore salary, now owns India's latest unicorn PhysicsWallah The company is planning to hire 1,000 more employees in the period of next six months, Khengre told ET, adding thatthe plan reinforces its commitment to growth.
Notably, PhysicsWallah turned unicorn last year, after it raised $100 million from WestBridge Capital and GSV Ventures at a valuation of $1.1 billion. The company was founded in 2020 by Youtube teacher Alakh Pandey.
The company had reported a net profit of ₹97.8 crore in FY22, 14 times higher as compared to ₹6.93 crore in the previous financial year. The standalone operational revenue jumped nine-fold to ₹232.48 crore.
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