In an attempt to cut expenses and generate profit, edtech unicorn Unacademy has laid off nearly 350 employees, or 10 per cent of the workforce in the third round of job cuts within a year. 

In an internal email sent to his employees, Gaurav Munjal, co-founder and CEO of the Softbank-backed Indian edtech company, indicated the necessity to take up cost-cutting measures in a tough financial condition. He also added that the company had taken strict measures to control its expenses and spending anticipating a slowdown. 

“I am deeply saddened to share that we will have to say goodbye to some of our extremely talented Unacademy employees to reduce the redundancies in our operations. These would be across the Unacademy group from verticals where we have to take a difficult decision either to scale down or shut," Gaurav Munjal said in the email. 

“We are no strangers to the harsh economic conditions that everyone is witnessing these days. These are very difficult times for the technology ecosystem. And things are getting worse with each passing day," Munjal added. 

Earlier, Munjal promised his employees that the company would not lay off any more employees through an internal note to his employees in July. 

The affected employees will receive severance pay equivalent to their notice period. The company will compensate the staff with an additional two months' salary. Munjal said the human resource (HR) team would communicate with the laid-off employees within two days. 

In April, Unacademy reduced 600-800 employees from its sales and marketing team. Two months later, the PrepLadder team of Unacademy laid off another 150 employees.