As part of larger reorganization initiatives, Graphy has declared layoffs. Owned by the edtech startup Unacademy, the business offers learning management system services to authors of edtech content.
Approximately 20–30% of positions have apparently been eliminated, affecting close to 50 workers. The decision was made because the business has had trouble meeting its revenue targets. It is not yet known, though, how the restructure will impact the companies it has bought, Spayee and Scenes.
The corporation clarified that the job cuts had nothing to do with its plans for revenue development and were solely dependent on the performance of each individual employee in a media statement released on October 26. It also stated that by introducing and offering online courses on its platform, it will continue to be committed to growth and the expansion of its businesses and online presence.
This news follows several months after Unacademy CEO Gaurav Munjal celebrated Graphy on social media. He emphasized how course developers were earning almost $3 million (about Rs 24 crore) a month from their courses on Graphy. Moreover, Graphy’s CEO, Sumit Jain, declared on Twitter in January that the business had achieved operational profitability.
Prior to this, Unacademy has laid off some employees at its other major group companies, including Relevel and PrepLadder. Relevel, an edtech platform, laid off 40 people in January, accounting for 20% of its workforce.
In June 2022, the company laid off around 150 people, accounting for approximately 2.6 percent of the PrepLadder workforce. This action was also conducted in conjunction with a performance improvement program (PIP). Furthermore, in November 2022, the corporation will lay off almost 350 employees.