New Delhi, Nov 19 (IANS) Edtech company PhysicsWallah (PW) on Sunday said it is laying off 70 to 120 employees, a first job cut at the company which turned unicorn last year.In a statement, the company said it regularly assesses performance through mid-term and end-term cycles.
“For the cycle ending in October, less than 0.8 per cent of our workforce, ranging from 70 to 120 individuals with performance concerns — may be asked to transition,” said Satish Khengre, CHRO, PW.
“Our primary focus remains on fostering a dynamic, high-performing team. We plan to hire an additional 1,000 employees in the next six months, reinforcing our commitment to growth,” Khengre added.
According to an earlier report in Entrackr, citing sources, “the company made the move citing cost-cutting exercise”.
Employees across content, operations and other departments were laid off, according to the report.
PhysicsWallah turned unicorn last year with a $100 million round from WestBridge Capital and GSV Ventures.
The company’s revenue from operations increased 9.5X to Rs 233 crore in FY22 from Rs 24.6 crore in FY21.
Founded in 2016 by renowned YouTube STEM educator Alakh Pandey and later joined by tech executive Prateek Maheshwari, PhysicsWallah offers online and offline courses and study materials for JEE, NEET and other engineering entrance and state board exams.
PW has over 31 million subscribers spread across 61 YouTube channels.
Moreover, its mobile app has been downloaded over 10 million times and boasts a 4.5 rating on the Google (NASDAQ:) Play Store.