Bengaluru : Pain in edtech Space continues. Unacademy Several measures have been taken to reduce the cost. It has cut founders and management team salaries, it has eliminated complimentary meals, and it is eliminating business class travel for its founders, CXOs, and teachers. It is also removing dedicated drivers for its CXOs.
“Now, with all these changes it may appear that we are in a bad position. trust me. We are not We are in a great position. This is the last frontier we have to conquer. profitability, And once we do that, it will change the game for us,” Gaurav Munjal, founder and CEO, said in a note to employees. He said the company is well capitalized. It raised $440 million last year, valuing the company at $3.4 billion. munjali Said that the company needs to IPO in two years, and needs to be cash flow positive, and for that, it should “adopt frugality as its core value”.
The company said it was closing some businesses that failed to do product-market fit, such as global test preparation Business.
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