Edtech unicorn Physics Wala has fired around 120 employees on the basis of performance review. This is the first case of layoff in that company. Which has achieved the Unicorn tag last year.
Edtech unicorn Physicswallah has fired around 120 employees on the basis of performance review. This is the first case of layoff in that company. Which has achieved the Unicorn tag last year. PW’s CHRO Satish Khengre said that we regularly assess the performance of the company in the mid-term and end-term period. In the cycle ending in October, less than 0.8% of our workforce i.e. 70 to 120 such people have been shown the door. The company has decided on layoffs to cut costs.
Retrenchment on one side, vacancy on the other side
While on one hand employees have been laid off in Physics (PW), on the other hand it has also been said that 1000 people will be hired in the coming time. The Chief Financial Officer has told Economic Times that the company is working on its growth plan in the next 6 months.
After which about 1000 people will be given jobs in the company. YouTuber Alakh Pandey founded the company in 2020. In this year 2023, the company has become a unicorn. PhysicsWala had raised $100 million from Westbridge Capital and GSV Ventures at a valuation of $1.1 billion.
Company’s revenue increased 10 times in FY22
The company’s operating revenue increased 10 times to Rs 232.5 crore in FY22. It generated a profit of around Rs 100 crore, making it the largest and only profitable edtech start-up in India. Physicswala’s standalone operational revenue jumped 9 times to Rs 232.48 crore. The move comes after the company in January this year said it planned to hire 2,500 employees across multiple roles in that quarter.
Many other companies also included in the list
This is not the first time that layoffs have taken place in a company related to the education field. In fact, before this, companies like Byju’s, Unacademy, Vedantu, Cuemath, and Teachmint have also done layoffs. These companies have laid off more than 10,000 employees in the last two years due to funding problems. Now the name of Physicswallah has also been included in this list.
