PhysicsWallah, the edtech unicorn, has reportedly undergone its first round of job cuts, with more than 100 employees affected. This move is part of a broader cost-restructuring effort within the company.
The layoffs are spread across various departments, including content, operations, and others. According to PhysicsWallah, this workforce reduction is a result of regular performance assessments, impacting less than 0.8% of its workforce.
Satish Khengre, Chief Human Resources Officer at PhysicsWallah, confirmed the job cuts and mentioned that the affected employees, ranging from 70 to 120 individuals, were facing performance concerns.
Khengre also stated that the company plans to hire an additional 1,000 employees in the next six months, reinforcing its commitment to growth. PhysicsWallah, founded in 2016 by YouTube STEM educator Alakh Pandey, provides online and offline courses and study materials for exams like JEE, NEET, and other engineering entrance tests.
The Noida-based company achieved unicorn status in 2022 after securing a $100 million funding round from WestBridge Capital and GSV Ventures. In FY22, PhysicsWallah’s revenue from operations surged 9.5 times, reaching Rs 233 crore compared to Rs 24.6 crore in FY21.
The company, while monitoring the market for growth opportunities, emphasized the importance of being a sustainable company beyond just initiative-driven efforts. PhysicsWallah’s school integration program, launched in April, targets tier 3 and tier 4 cities, engaging with over 100 schools in underserved regions.
