Unacademy’s CFO Subramanian Ramachandran Quits as High-Profile Exits Continue
New Delhi, Nov 1 (@DelhiBreakings.com) ★Unacademy, the edtech company led by Gaurav Munjal, is facing another high-profile exit as its Chief Financial Officer (CFO) Subramanian Ramachandran has reportedly resigned. This comes as the online edtech sector in the country experiences a significant slowdown.
Second Senior Exit at Unacademy
According to sources, Ramachandran has submitted his resignation and is currently serving his notice period. This marks the second senior exit at Unacademy in recent months. In August, the company’s Chief Operating Officer Vivek Sinha had also resigned.
Unacademy’s Layoffs and Restructuring
Unacademy has been facing challenges since last year, which led to significant layoffs. In November 2020, the company laid off around 350 employees, which accounted for approximately 10% of its workforce. In March this year, another round of layoffs took place, resulting in a further reduction of about 12% or more than 350 employees.
Gaurav Munjal, the CEO of Unacademy, had stated that the layoffs were necessary to adapt to the changes in the global economy and to operate in a leaner manner. The company aimed to create value for its users and shareholders in the face of a recession and limited funding.
In addition to the layoffs, Unacademy-owned software-as-a-service platform Graphy recently conducted a restructuring exercise, leading to the termination of approximately 20-30% of its workforce. The company emphasized that the job cuts were based on performance and not related to layoffs or revenue growth plans.
Unacademy’s Response
Unacademy is yet to comment on Subramanian Ramachandran’s resignation. The continuous high-profile exits raise concerns about the stability and leadership of the company in the highly competitive edtech sector.
–@DelhiBreakings.com
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Summary:
- Unacademy’s CFO Subramanian Ramachandran has resigned, making it the second senior exit at the edtech company in recent months.
- The online edtech sector in India has been experiencing a slowdown, leading to layoffs and restructuring.
- In November last year, Unacademy laid off around 350 employees, followed by another round of layoffs in March this year.
- The layoffs were attributed to the need to adapt to the global economic recession and operate in a leaner manner.
- Unacademy-owned platform Graphy also conducted a restructuring exercise, resulting in job cuts based on performance.
- The company is yet to comment on Ramachandran’s resignation, raising concerns about its stability and leadership.
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