NEW DELHI: Edtech firm PhysicsWallah (PW) on Sunday stated it’s shedding 70 to 120 staff, a primary job minimize on the firm which turned unicorn final 12 months.
In a press release, the corporate stated it repeatedly assesses efficiency by means of mid-term and end-term cycles.
“For the cycle ending in October, lower than 0.8 per cent of our workforce, starting from 70 to 120 people with efficiency considerations — could also be requested to transition,” stated Satish Khengre, CHRO, PW.
“Our major focus stays on fostering a dynamic, high-performing workforce. We plan to rent a further 1,000 staff within the subsequent six months, reinforcing our dedication to progress,” Khengre added.
In accordance with an earlier report in Entrackr, citing sources, “the corporate made the transfer citing cost-cutting train”.
Staff throughout content material, operations and different departments had been laid off, based on the report.
PhysicsWallah turned unicorn final 12 months with a $100 million spherical from WestBridge Capital and GSV Ventures.
The corporate’s income from operations elevated 9.5X to Rs 233 crore in FY22 from Rs 24.6 crore in FY21.
Based in 2016 by famend YouTube STEM educator Alakh Pandey and later joined by tech government Prateek Maheshwari, PhysicsWallah presents on-line and offline programs and research supplies for JEE, NEET and different engineering entrance and state board exams.
PW has over 31 million subscribers unfold throughout 61 YouTube channels.
Furthermore, its cellular app has been downloaded over 10 million occasions and boasts a 4.5 score on the Google Play Retailer.