Unacademy cuts 350 jobs, 10% of its workforce

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Editor's note: Unacademy, India’s second-largest edtech firm with a valuation of $3.4 billion, has fired 350 employees, nearly 10% of its total workforce, in a second round of layoffs this year. “I am deeply saddened to share that we will have to say goodbye to some of our extremely talented Unacademy employees. These would be across the Unacademy Group from verticals where we have to take a difficult decision either to scale down or shut,” the firm’s co-founder and CEO, Gaurav Munjal, said in an internal memo sent to employees on Monday.  “Around 10% of Unacademy employees across the group will be impacted because of this, and if you are one of the impacted—you will be receiving a detailed communication within 48 hours from HR,” the memo read. Munjal said the company had to reevaluate its decision of no more layoffs amid “very difficult times for the technology ecosystem” where “things are getting worse with each passing day”. “Funding has significantly slowed down and a large portion of our core business has moved offline,” he told the employees.  Munjal said those who …