Physicswallah ( PW) has sacked 120- 150 workers in the first case of layoffs at an edtech company.
Sources told Entrackr that the company has taken this step citing cost cutting exercise. The number of affected pool could be indeed advanced, ” said a source requesting obscurity. Physicswala verified that around 70 – 120 workers were let go but denied that it was a mass blasting. “ At PW, we regularly assess performance throughmid-term and end- term cycles. For the cycle ending in October, lower than0.8 per cent of our pool, ranging from 70 to 120 individualities with performance enterprises, may be asked totransition.,” Satish Khengre, CHRO, PW, said in a statement. said in. “ Our primary focus remains on fostering a dynamic, high- performing platoon. We plan to hire an fresh 1000 workers in the coming six months, strengthening our commitment to growth.
The platform offers live classes, videotape lectures, test series and dynamic exercises for the below mentioned examinations. drugs Wala lately launched a graduate domestic engineering program as it looks to double down on the upskilling member. The company came a unicorn in June last time with a$ 100 million round from Westbridge Capital and GSV gambles. Since entering the unicorn club, the company has also made several accessions including Xylem Learning, PrepOnline and Altice Vortex.
While the company is yet to report its FY23 fiscal numbers, Physicswala’s operating profit grew9.5 times to Rs 233 crore in FY20 from Rs24.6 crore in FY21. It achieved over 14 times growth in periodic profit to Rs98.23 crore in FY22 as against Rs6.92 crore in the former fiscal time. The company claims that its profit has increased three times to Rs 780 crore in FY23.