New Delhi, Nov 19 (IANS): Edtech company PhysicsWallah (PW) has reportedly laid off more than 100 employees, a first job cut at the company amid a cost-restructuring exercise.
According to a report in Entrackr, citing sources, PhysicsWallah confirmed that about 70-120 employees were let go.
Employees across content, operations and other departments were laid off, according to the report.
“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, was quoted as saying in the report.
“We plan to hire an additional 1,000 employees in the next six months, reinforcing our commitment to growth,” the company executive added.
PhysicsWallah turned unicorn last year 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.
Founded in 2016 by renowned YouTube STEM educator Alakh Pandey and 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.
PW has over 31 million subscribers spread across 61 YouTube channels.
Moreover, its mobile app has been downloaded over 10 million times and boasts a 4.5 rating on the Google Play Store.