PhysicsWallah Lays Off About 100 Employees
The company said it plans to hire an additional 1,000 employees in the next six months.
Edtech unicorn PhysicsWallah Pvt. has laid off close to a hundred employees as part of a performance-based assessment cycle, the company said on Monday.
"At PW, we regularly assess performance through mid-term and end-term cycles. For the cycle ending in October, less than 0.8% of our workforce—ranging from 70 to 120 individuals with performance concerns—may be asked to transition," Satish Khengre, chief human resources officer at the Noida-based edtech startup, said in a statement.
"Our primary focus remains on fostering a dynamic, high-performing team. We plan to hire an additional 1,000 employees in the next six months, reinforcing our commitment to growth," Khengre said.
Entrackr first reported the development.
PhysicsWallah is one of India's rare profitable edtech unicorns, having posted a revenue of Rs 233 crore with a profit of Rs 98.2 crore in FY22. Co-Founder Prateek Maheshwari told BQ Prime that the company is set to close FY23 with a top line of Rs 800 crore, which will be a near fourfold rise. For FY24, that number is set to grow three times to Rs 2,400 crore.
In 2022, PhysicsWallah raised $100 million from WestBridge Capital and GSV Ventures at a valuation of $1.1 billion, making them a unicorn. It claims to have over 35 lakh registered students on its platform, apart from more than 3 crore subscribers on its YouTube channels.