As a part of broader restructuring efforts, Graphy, has announced workforce reduction. The company provides learning- management system services to edtech content creators, and is owned by the edtech company Unacademy.
About 20-30 per cent of roles have reportedly been axed, impacting nearly 50 employees.
The decision comes as the company has faced challenges in achieving its revenue goals. However, it’s yet to be disclosed if the restructuring will affect its acquired firms, namely Spayee and Scenes.
In a media statement on 26 October, the company explained that the job reductions were based entirely on individual job performance and had nothing to do with its revenue growth strategies. Additionally, it mentioned that it will remain dedicated to growth and expand its online presence and businesses by launching and selling online courses on its platform.
This development comes several months after Gaurav Munjal, CEO, Unacademy, celebrates Graphy on social media. He highlighted how course creators were making around $3 million per month (approximately Rs 24 crore) through their courses on Graphy. Furthermore, in January, Sumit Jain, CEO, Graphy, also announced on Twitter that the company had attained operational profitability.
Prior to this, Unacademy had also axed some jobs in its other prominent group companies, including Relevel and PrepLadder. In January, the edtech platform let go of 40 employees, affecting 20 per cent of its workforce, from Relevel.
In June 2022, the company terminated approximately 150 employees, that is, about 2.6 per cent of the workforce at PrepLadder. This action was also taken as part of a performance improvement programme (PIP). Additionally, the company cut nearly 350 jobs in November 2022.