A day after Unacademy laid off 250 employees across marketing, business, product, and sales, founder Gaurav Munjal addressed concerns on X, reassuring stakeholders of the edtech company's growth and profitability.

Emphasizing the long-term benefits of current decisions, Munjal stated, "There is a lot being said about Unacademy currently. To set the record straight, Unacademy will have its best year in terms of growth and profitability. We also have many years of runway. We are building Unacademy for the long run."

Merger and Sale Rumors Denied:

Munjal dismissed rumors of Unacademy’s potential merger or sale, which emerged amid a challenging funding environment. His clarification followed a report by The Morning Context suggesting Unacademy was considering a sale, merger, or bailout. Munjal refuted the report, calling it "greatly exaggerated" and misleading.

Unacademy’s workforce has reduced from over 6,000 to under 2,000 due to multiple layoffs over the past year. Following the recent layoffs, the company stated, "As part of our ongoing efforts to streamline operations and enhance business efficiency, we have recently undergone a restructuring exercise. This was necessary keeping in mind the company's goals and vision for the year, as we focus all our efforts on sustainable growth and profitability."

Support for Impacted Employees:

The company acknowledged the difficulty of the transition for impacted individuals, stating, "Consequently, some roles have been impacted. While this transition won’t be easy, we will be supporting all impacted individuals during this transition."

Company Background and Funding:

Founded in 2015 by Gaurav Munjal, Roman Saini, and Hemesh Singh, Unacademy provides an online learning platform for competitive test preparation. The company has raised $877 million in funding to date and was last valued at $3.4 billion after raising $440 million from Temasek, General Atlantic, and others in August 2021. The layoffs are part of Unacademy’s efforts to achieve profitability.