Edtech platform Unacademy-owned software-as-a-service platform Graphy has laid off about 20-30 per cent of its workforce, or nearly 50 employees, in the last few weeks, as part of a restructuring exercise, media report said on Thursday.
According to Inc42, Graphy, which provides learning management system services to edtech creators, has been struggling to meet revenue targets, prompting a restructuring within the company.
However, it's unclear whether the restructuring was carried out across Graphy's acquired companies -- Spayee and Scenes, the report said.
A spokesperson from Graphy told IANS: "At Graphy, 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.
The news comes months after Unacademy CEO Gaurav Munjal praised Graphy on social media, claiming that the creators were earning about $3 million per month (Rs 24 crore) by selling courses on Graphy.
In January, Graphy CEO Sumit Jain tweeted that the company has achieved operational profitability.
The firm's FY22 revenue stood at Rs 8.86 crore against a loss of Rs 3.6 crore.
Earlier, Unacademy laid off several employees from its other flagship group companies, such as Relevel and PrepLadder.
In January, the edtech platform laid off 40 employees, or 20 per cent of its workforce, from Relevel.
In June last year, Unacademy fired nearly 150 employees, or about 2.6 per cent of the workforce from PrepLadder, as part of a performance improvement programme (PIP).
The spree of layoffs did not stop there. After firing nearly 350 employees in November last year, Unacademy announced to reduce the size of the team by 12 per cent or more than 350 employees in March this year.
India steps up vigil against cheap Chinese imports amid US tariff hike
India has stepped up vigil to prevent the dumping of cheap Chinese imports in the country after the steep US tariff hike on the goods exported by the Communist country.
Rupee strengthens against dollar amid Trump's reciprocal tariffs
The Indian rupee witnessed sharp gains on Friday at below 85 against dollar, as the dollar index and oil prices dropped sharply amid concerns over recession in the US economy after the reciprocal tariffs were announced.
Sensex, Nifty open lower amid weak global cues post Trump tariffs
Indian frontline indices opened in the red on Friday following global sell-off in the equity markets in reaction to the reciprocal tariffs announced by US President Donald Trump.
Sensex, Nifty open lower as Trump tariffs trigger global sell-off
Indian equity indices opened lower on Thursday following a sharp sell-off in global markets after the US President Donald Trump announcement of reciprocal tariffs.
India stands less impacted by Trump tariffs than global peers: Industry
As US President Donald Trump announced reciprocal tariffs on dozens of countries, including India, industry experts said on Thursday that it appears India's export competitiveness to the US market stands far less impacted on a relative basis compared to global peers.
Sensex, Nifty end higher ahead of US reciprocal tariffs announcement
The Indian stock market bounced back on Wednesday, with both the Sensex and Nifty closing higher, just before the reciprocal tariffs deadline set by US President Donald Trump.
Early April critical for investors’ sentiment amid key economic data: Report
Early April will be critical for market sentiment, with key economic data releases providing insights into global manufacturing, employment trends and economic activity, a report showed on Monday.
Foreign investors pump Rs 31,000 crore into Indian stocks as market rebounds
Foreign investors have injected nearly Rs 31,000 crore into Indian equity markets in the last six trading sessions of March, according to the latest depository data.