New Delhi, India – Unacademy’s subsidiary, the software-as-a-service platform Graphy, has initiated a restructuring phase that has led to a reduction of approximately 20-30% of its workforce, equivalent to nearly 50 employees, over the past few weeks, according to reports. This strategic move comes as Graphy grapples with revenue targets, necessitating internal adjustments within the company.
Graphy offers learning management system services to edtech creators, enabling them to build and sell online courses. Although this restructuring aims to bolster Graphy’s long-term sustainability, it remains unclear whether these changes have impacted Graphy’s acquired companies, Spayee and Scenes.
A spokesperson from Graphy emphasized the company’s dedication to growth and its mission to empower creators and educators. The spokesperson stated, “We continue to make significant strides in achieving our goals, and our commitment to our mission is unwavering.” The job cuts are attributed to performance-based criteria and are unrelated to layoffs or revenue growth plans.
This development comes after Unacademy CEO Gaurav Munjal lauded Graphy’s creators, noting that they were collectively earning around $3 million per month (approximately Rs 24 crore) by offering courses through the Graphy platform. In January, Graphy CEO Sumit Jain also announced the company’s achievement of operational profitability.
In the fiscal year 2022, Graphy reported revenues of Rs 8.86 crore while narrowing its losses, which had previously amounted to Rs 3.6 crore.
Unacademy has witnessed similar workforce adjustments in the past. The company laid off employees from its other flagship group firms, including Relevel and PrepLadder. In a series of steps, Unacademy previously laid off 40 employees (20% of the workforce) from Relevel in January. In June of the previous year, Unacademy reduced its workforce by approximately 2.6%, affecting nearly 150 employees from PrepLadder as part of a performance improvement initiative. The company continued its restructuring efforts by reducing its team size by 12%, impacting over 350 employees in March of this year.
