High-profile exits at Unacademy, the edtech company led by Gaurav Munjal, continue with Chief Financial Officer (CFO) Subramanian Ramachandran resigning, as reported recently. This marks the second senior-level exit from the edtech startup in recent times.
Departure Confirmation
According to reports, Ramachandran has submitted his resignation and is currently serving his notice period, as per information from sources cited in The Morning Context report.
Previous Exits
In August, Unacademy witnessed the resignation of its Chief Operating Officer Vivek Sinha.
The company is yet to issue an official statement regarding these recent developments. This comes amidst a challenging period for the online edtech sector in India, which has been experiencing a significant slowdown since the previous year.
Past Challenges and Layoffs
In November of the previous year, Unacademy took the step of laying off around 350 employees, constituting approximately 10% of its workforce.
This was followed by another round of layoffs in March this year, resulting in a further reduction of about 12% or more than 350 employees.
Gaurav Munjal, addressing the situation, announced a 12% reduction in team size to align with the company’s goals amid challenging economic conditions.
Adapting to Economic Realities
Munjal emphasized the importance of adapting to changes in the global economy, scarcity of funding, and the necessity of running a profitable business. He highlighted the need to operate in a leaner manner to create value for users and shareholders in the current scenario.
Recent Developments at Graphy
Unacademy’s software-as-a-service platform Graphy also underwent restructuring recently, resulting in the layoff of approximately 20-30% of its workforce, totaling nearly 50 employees.
A Graphy spokesperson reiterated the company’s commitment to growth and its mission of empowering creators and educators through their platform.
The spokesperson emphasized the company’s dedication to achieving its objectives, stating that the job cuts were based on performance and not related to layoffs or revenue growth plans.
