Sunday, July 14, 2024

Unacademy CFO quits in another top-level exit at Gaurav Munjal-run edtech firm

High-profile exits at Gaurav Munjal-run edtech company Unacademy continue and now, its chief financial officer (CFO) Subramanian Ramachandran has quit, according to reports.

It’s the second senior exit at the edtech startup in recent months.

“Ramachandran has put down his papers and is currently serving his notice period,” said a report by The Morning Context report, citing sources.

In August, Unacademy’s chief operating officer Vivek Sinha had resigned.

The company was yet to comment on the latest development, as the online edtech sector in the country is reeling under massive slowdown since last year.

In November last year, Unacademy laid off around 350 employees, approximately 10 per cent of its workforce.

This was followed by another round of layoffs in March this year, which led to a further reduction of about 12 per cent or more than 350 employees.

Munjal announced to reduce the size of the team by 12 per cent to “meet the goals we are chasing in the current realities we face”.

“The global economy is enduring a recession, funding is scarce and running a profitable business is key. We have to adapt to these changes, build and operate in a much leaner manner so we can truly create value for our users and shareholders,” Munjal said.

Late last month, Unacademy-owned software-as-a-service platform Graphy laid off about 20-30 per cent of its workforce, or nearly 50 employees, as part of a restructuring exercise.

A spokesperson from Graphy had said that “we are committed to growth and have a strong belief in our mission to empower creators and educators to scale their online brands and business by launching their online courses and selling them through our platform.”

“We continue to make significant strides in achieving our goals, and our commitment to our mission is unwavering,” it added.

According to the company, the job cuts happened on the basis of performance and had nothing to do with layoffs or revenue growth plans.

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