Edtech unicorn Physicwallah let go about 120 employees after a performance review, in what comes as the first instance of layoffs at a company that earned a unicorn tag last year.
“At PW, we regularly evaluate performance through mid-term and end-term cycles. For the cycle ending in October, 70 to 120 individuals—less than 0.8 percent of our workforce—with performance concerns may be asked to transfer…, ” said Satish Khengre, CHRO, PW, in a statement.
Entrackr first reported the development that a cost-cutting exercise within the company had initiated layoffs.
Physicswallah follows a series of other Indian edtech companies, including Byjus, Unacademy, Vedantu, Cuemath and Teachmint, which have laid off 10,000 workers in the past two years amid a prolonged funding winter.
