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.
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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.
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