Edtech company PhysicsWallah (PW) has reportedly cut over 100 jobs. This is reported to be the first-ever job cuts at the company amid. The layoffs are said to be a part of the cost-restructuring exercise at the company. Entrackr was the first to report about the job cuts.
According to the report, PhysicsWallah confirmed that more than 70-120 employees have been let go.These employees laid off were from across divisions that include content, operations and other departments.
What the company said
“At PW, we regularly assess performance through mid-term and end-term cycles. For the cycle ending in October, less than 0.8 per cent of our workforce, ranging from 70 to 120 individuals with performance concerns — may be asked to transition,” Satish Khengre, CHRO, PW, said in a statement. “We plan to hire an additional 1,000 employees in the next six months, reinforcing our commitment to growth,” the company executive added.
PhysicsWallah became $1 billion company in 2022
PhysicsWallah was founded in 2016 by YouTube STEM educator Alakh Pandey. He was later joined by tech executive Prateek Maheshwari. PhysicsWallah offers online and offline courses and study materials for JEE, NEET and other engineering entrance and state board exams. The Noida-headquartered company turned unicorn in 2022 with a $100 million round from WestBridge Capital and GSV Ventures. The company’s revenue from operations increased 9.5X to Rs 233 crore in FY22 from Rs 24.6 crore in FY21.
“We are cautiously monitoring the market for any opportunities that align with our vision, since it is important to be a sustainable company, not merely being an initiative-driven one,” Physics Wallah chief business officer (CBO) Imran Rashid had told news agency PTI last month. “We are extra conscious, when it comes to audits and regulations or other compliances. We know that misselling will ruin our reputation in the market. I am not saying we won’t make mistakes, but we know what not to do,” Rashid noted.
The company’s school integration programme was initiated in April this year, primarily targeting tier 3 and tier 4 cities and engaging with over 100 schools in underserved regions.
According to the report, PhysicsWallah confirmed that more than 70-120 employees have been let go.These employees laid off were from across divisions that include content, operations and other departments.
What the company said
“At PW, we regularly assess performance through mid-term and end-term cycles. For the cycle ending in October, less than 0.8 per cent of our workforce, ranging from 70 to 120 individuals with performance concerns — may be asked to transition,” Satish Khengre, CHRO, PW, said in a statement. “We plan to hire an additional 1,000 employees in the next six months, reinforcing our commitment to growth,” the company executive added.
PhysicsWallah became $1 billion company in 2022
PhysicsWallah was founded in 2016 by YouTube STEM educator Alakh Pandey. He was later joined by tech executive Prateek Maheshwari. PhysicsWallah offers online and offline courses and study materials for JEE, NEET and other engineering entrance and state board exams. The Noida-headquartered company turned unicorn in 2022 with a $100 million round from WestBridge Capital and GSV Ventures. The company’s revenue from operations increased 9.5X to Rs 233 crore in FY22 from Rs 24.6 crore in FY21.
“We are cautiously monitoring the market for any opportunities that align with our vision, since it is important to be a sustainable company, not merely being an initiative-driven one,” Physics Wallah chief business officer (CBO) Imran Rashid had told news agency PTI last month. “We are extra conscious, when it comes to audits and regulations or other compliances. We know that misselling will ruin our reputation in the market. I am not saying we won’t make mistakes, but we know what not to do,” Rashid noted.
The company’s school integration programme was initiated in April this year, primarily targeting tier 3 and tier 4 cities and engaging with over 100 schools in underserved regions.
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