Unacademy fires 10% of its staff in order to minimize costs

Unacademy, the IPO-bound edtech unicorn, has laid off almost 600 employees, accounting for nearly 10% of its workforce, according to VCCircle, LiveMint’s sister publication.

Softbank-backed edtech has cut off full-time personnel from its sales and marketing teams, as well as a few contract employees and educators or tutors.

Unacademy received $440 million in August last year, led by sovereign wealth fund Temasek, valuing the company at $3.4 billion. Unacademy has received funding from worldwide venture capital (VC) firms such as Sequoia Capital, Tiger Global Management, and SoftBank, among others.