PhysicsWallah lays off 120 employees after performance reviews, to hire 1100 more in next 6 months – Business Today

by | Nov 23, 2023 | Engineer

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Indian edtech unicorn PhysicsWallah has fired about 120 employees after a performance review. This is the first reported instance of layoffs at the company that has been one of the only profitable edtech firm in India.
The company issued a statement noting that the layoffs were a part of the performance review cycle and not a cost cutting measure.
Satish Khengre, Chief Human Resources Officer at PhysicsWallah said in a statement, “At PW, we regularly assess performance through mid-term and end-term cycles. For the cycle ending in October, less than 0.8 percent of our workforce, ranging from 70 to 120 individuals with performance concerns—may be asked to transition.”
The CHRO also noted that the company plans to hire an additional 1,100 employees in the next two quarters.
“Our primary focus remains on fostering a dynamic, high-performing team. We plan to hire an additional 1,000 employees in the next six months, reinforcing our commitment to growth. We deeply value the dedication of our existing employees and recognize their integral role in shaping the future of education technology,” the edtech’s CHRO said.
For FY 2022-23, the company clocked in Rs 780 crore in revenue, up from Rs 233 crore that was clocked in during FY22.
Recently, the edtech has also forayed into undergraduate residential engineering programme as it bets big on the upskilling segment, beyond the K-12 segment. Moreover, the company has made around 10 acquisitions and joint ventures to expand beyond the NEET/ JEE test prep market.
The edtech unicorn was founded in 2020 by Alakh Pandey and Prateek Maheshwari. The company has raised $100 million from WestBridge Capital and GSV Ventures so far and sits on a valuation of $1.1 billion. 
The edtech sector has witnessed the most number of layoffs since last year. This is because most edtech players have not achieved profitability and have been looking for cost cutting measures amid lack of funding. 
Byju’s, Unacademy, Vedantu, Cuemath, and Teachmint among many others, have let go over 10,000 employees.
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today
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