- “Winter has arrived. We need to change our ways. We will focus on organic growth channels instead,” said Gaurav Munjal.
- Munjal has asked employees to ensure the company is profitable in every test prep category for the next three months.
Unacademy announced its foray into the offline learning space with the launch of its upcoming Unacademy Centers.
The delay in funding could last at least 12-24 months, edtech company Unacademy’s founder and CEO Gaurav Munjal wrote in an email to his employees.
“We’re looking at a time when funding will dry up for at least 12-18 months. Some people predict this [funding winter] can last 24 months. We have to adapt,” Munjal said.
Munjal asked his employees to focus on organic growth channels. He stressed that they must learn to work under constraints and focus on profitability at all costs.
“This is a test for all of us. We have to survive the winter. We have a different goal this time. The goal is profitability. The goal is to generate free cash flows,” he added.
Munjal also asked them to ensure that the company is profitable in every test prep category in the three months.
The development was first
reported through Economic Times. https://gotechbusiness.com/ has reached out to Unacademy for more information.
Zoom conversations versus travel
Last month, Unacademy laid off 600 employees. It had then said it was an effort to lead the company to profitability by the end of this year.
Munjal noted in the latest email to employees that the company had already removed or is in the process of removing incentives for educators that are not linked to income. “Travel only when absolutely necessary. Meetings that save travel costs and that can be done on Zoom should happen on Zoom,” he noted.
Founded in 2015 by Roman Saini, Hemesh Singh and Gaurav Munjal, Unacademy is a test preparation startup. The company launched offline Unacademy Centers this month to offer NEET UG, IIT JEE and foundation courses for students from the IX to XII. It also plans to open its first Unacademy center next month in Kota, Rajasthan, the country’s center for coaching classes.
Munjal asked the employees to ensure that the Unacademy Centers would become profitable in FY23.
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