Gaurav Munjal Optimistic About Unacademy's Growth Trajectory Amid Recent Layoffs
Gaurav Munjal's response followed a report by The Morning Context alleging that "Unacademy is up for sale, merger, or bailout." Munjal said that the report was "greatly exaggerated"
A day after Unacademy implemented layoffs affecting 250 employees in departments such as marketing, business, product, and sales, founder Gaurav Munjal turned to X (formerly Twitter) to reassure stakeholders about the company's trajectory towards sustained growth and profitability.
Highlighting the strategic nature of the decisions made, Munjal emphasised that these measures aimed to secure long-term benefits for the company. “There is a lot being said about Unacademy currently. To set the record straight, Unacademy will have its best year in terms of growth and profitability. We also have many years of runway. We are building Unacademy for the long run. Ignore the rumours,” he wrote on X.
Gaurav Munjal's response followed a report by The Morning Context alleging that "Unacademy is up for sale, merger, or bailout." Munjal countered this claim, quoting Mark Twain to suggest that the report was "greatly exaggerated" and the headline was misleading.
Meanwhile, the founder of Unacademy has received backing from business figures like Bhavish Aggarwal, founder-chairman of Ola Electric, and Ritesh Agarwal, founder-CEO of Oyo. In response to Munjal's tweet, Aggarwal advised him to disregard the reports, while Agarwal from Oyo commented, "Keep winning, heads down and execute is the mantra."
There is a lot being said about Unacademy currently. To set the record straight, Unacademy will have its best year in terms of growth and profitability. We also have many years of runway. We are building Unacademy for the long run. Ignore the rumours.
— Gaurav Munjal (@gauravmunjal) July 3, 2024
The company's workforce has shrunk significantly from over 6,000 to less than 2,000 employees. Following the recent layoffs at Unacadmey, the company said in a statement, “As part of our ongoing efforts to streamline operations and enhance business efficiency, we have recently undergone a restructuring exercise. This was necessary, keeping in mind the company's goals and vision for the year, as we focus all our efforts on sustainable growth and profitability. Consequently, some roles have been impacted. While this transition won’t be easy, we will be supporting all impacted individuals during this transition."
Established in 2015 by Gaurav Munjal, Roman Saini, and Hemesh Singh, Unacademy offers an online learning platform tailored for competitive test preparation.
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