New Delhi, Oct 26 (IANS) Edtech platform Unacademy-owned software-as-a-service platform Graphy has laid off about 20-30 per cent of its workforce, or nearly 50 employees, in the last few weeks, as part of a restructuring exercise, media report said on Thursday.
According to Inc42, Graphy, which provides learning management system services to edtech creators, has been struggling to meet revenue targets, prompting a restructuring within the company.
However, it’s unclear whether the restructuring was carried out across Graphy’s acquired companies — Spayee and Scenes, the report said.
A spokesperson from Graphy told IANS: “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,” it added.
According to the company, the job cuts happened on the basis of performance and had nothing to do with layoffs or revenue growth plans.
The news comes months after Unacademy CEO Gaurav Munjal praised Graphy on social media, claiming that the creators were earning about $3 million per month (Rs 24 crore) by selling courses on Graphy.
In January, Graphy CEO Sumit Jain tweeted that the company has achieved operational profitability.
The firm’s FY22 revenue stood at Rs 8.86 crore against a loss of Rs 3.6 crore.
Earlier, Unacademy laid off several employees from its other flagship group companies, such as Relevel and PrepLadder.
In January, the edtech platform laid off 40 employees, or 20 per cent of its workforce, from Relevel.
In June last year, Unacademy fired nearly 150 employees, or about 2.6 per cent of the workforce from PrepLadder, as part of a performance improvement programme (PIP).
The spree of layoffs did not stop there. After firing nearly 350 employees in November last year, Unacademy announced to reduce the size of the team by 12 per cent or more than 350 employees in March this year.
–IANS
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