#EdTech#PhysicsWallah#Layoffs#Unicorn#OnlineClasses#AlakhPandey
Hey guys, have you heard about the recent layoffs at PhysicsWallah? 🚨 Reports are stating that the edtech company has let go of 120 employees after a performance review process. 😔 But don’t worry, we’ve got all the details for you!
So, PhysicsWallah, founded by Alakh Pandey in 2020, has reportedly made the tough decision to downsize its workforce. The company stated that less than 0.8% of its total 12,000 employees will be impacted by the performance-based evaluation process. That’s a pretty small percentage, but it’s still tough news for those individuals who are affected. 📉
This move comes just over a year after PhysicsWallah achieved unicorn status and raised a whopping $100 million from big-time investors like WestBridge Capital and GSV Ventures. That’s some serious cash! 💰 So, why the sudden layoffs? Well, according to reports from Entracker, PhysicsWallah cited a cost-cutting exercise as the reason behind the job cuts. It’s tough when companies have to make these kinds of decisions, but unfortunately, it’s a reality of the business world. 📉
Entracker also mentioned that the layoffs have affected various departments within PhysicsWallah, including content, operations, and a few others. Not only that, but employees were reportedly asked to attend random meetings without being given concrete reasons for the discussions. That sounds pretty stressful and confusing for the employees involved. 😕
But hold on, PhysicsWallah is denying that this was a mass firing. According to the company, these evaluations are a regular part of their performance assessment process. PhysicsWallah’s Chief Human Resources Officer (CHRO), Satish Khengre, addressed the situation by stating that less than 0.8% of their workforce, totaling around 70 to 120 individuals with performance concerns, may be asked to transition. And get this – the company is planning to bring on an additional 1,000 employees within the next six months! That’s a pretty bold move for a company that’s just gone through layoffs. 🤔
It seems like the Covid period and the sudden surge in demand for online classes have had a significant impact on this whole situation. Other edtech companies, including unicorns like BYJU’S and Unacademy, hired excess staff to keep up with the increased demand during the pandemic. So, it’s likely that PhysicsWallah is just going through some necessary adjustments to keep up with the changing times. 🌐
Mr. Khengre made sure to express the company’s appreciation for its existing employees and their vital role in shaping the future of educational technology. We can only hope that those affected by the layoffs will find new opportunities that align with their skills and talents. 💼
Overall, this news is pretty surprising considering PhysicsWallah’s rapid growth and success in the past year. But as we know, the business world can be unpredictable and challenging. We’re wishing the best for everyone involved! 👍