New Delhi: Edtech Unicorn physics guy Is fired from job some 70-120 Employeejoin a batch of StartupWhich has cut jobs this year amid a sluggish funding environment. The company claimed that the decision was part of a performance-based appraisal process. “At PW, we regularly assess performance through midterm and final term cycles. For the cycle ending in October, the change identified 70 to 120 individuals with performance concerns, less than 0.8% of our workforce. Can be asked for,” Chief Human Resources Officer Satish Khengre said in a statement on Sunday.
Backed by investors like Westbridge and GSV Ventures, the Noida-based company became a unicorn last year after raising $100 million in funding at a valuation of $1.1 billion. Even though the startup claims to be profitable, the move comes at a time when investors have become selective in terms of funding and are pushing portfolio companies to grow judiciously with clear visibility on sustained profitability. Cash burn can be high in startups and in their desire to grow quickly, companies often overlook the need to work efficiently. Many edtech startups including Unacademy, Byju’s and Venkatu have laid off employees.
“We plan to hire an additional 1,000 employees in the next six months, strengthening our commitment to growth,” Khengre said.
Earlier this year, Physics Wala had announced an investment of Rs 500 crore in Kerala-based Xylem Learning as part of its expansion efforts. In an interview with TOI in July, co-founder Prateek Maheshwari had said the company ended FY2013 with revenues of around Rs 800 crore.
Backed by investors like Westbridge and GSV Ventures, the Noida-based company became a unicorn last year after raising $100 million in funding at a valuation of $1.1 billion. Even though the startup claims to be profitable, the move comes at a time when investors have become selective in terms of funding and are pushing portfolio companies to grow judiciously with clear visibility on sustained profitability. Cash burn can be high in startups and in their desire to grow quickly, companies often overlook the need to work efficiently. Many edtech startups including Unacademy, Byju’s and Venkatu have laid off employees.
“We plan to hire an additional 1,000 employees in the next six months, strengthening our commitment to growth,” Khengre said.
Earlier this year, Physics Wala had announced an investment of Rs 500 crore in Kerala-based Xylem Learning as part of its expansion efforts. In an interview with TOI in July, co-founder Prateek Maheshwari had said the company ended FY2013 with revenues of around Rs 800 crore.
(TagstoTranslate)Startups(T)Physics(T)Layoffs(T)Employees(T)EdTech Unicorn
