Indian edtech company PhysicsWallah reportedly initiated the removal of 120 positions as part of its recent mid-term performance evaluation on November 19. This move follows recent speculations suggesting that the edtech unicorn instructed numerous employees to leave the company.
According to a senior company official, the decision to terminate the employment of these 120 individuals was made after conducting a mid-term performance evaluation in October. The official responded to inquiries from the newspaper, addressing unverified social media posts alleging approximately 500 terminations at PhysicsWallah.
In an official media statement, Satish Khengre, chief human resources officer, PhysicsWallah, clarified that the company has terminated less than 0.8 percent of its workforce, accounting for approximately 70 to 120 individuals.
Khengre further emphasised that despite the recent layoffs, the company plans to hire 1,000 employees in the next six months, reinforcing its commitment to growth.
Founded in 2020 by YouTube educator Alakh Pandey, PhysicsWallah emerged as an edtech unicorn in 2022 after securing $100 million in funding, reaching a valuation of $1.1 billion. The company focuses on providing online education in physics and has gained prominence for its quality content. In FY22, PhysicsWallah reported a substantial net profit of ?97.8 crore, a 14-fold increase from the previous fiscal year, along with a nine-fold surge in standalone operational revenue to ?232.48 crore.