PhysicWallah Layoff: The country’s popular edtech unicorn Physics Wallah is now going to hand over pink slips to some employees of the company, that is, he is going to wield the sword of layoff.
PhysicWallah Layoff: ‘Edtech company ‘Physics Walla’ has planned to lay off 120 employees on the basis of performance. There were reports coming for several days that this edtech unicorn is going to ask some of its staff members to leave the company. Now the company has clearly said in a statement that performance review (PW) will affect less than 0.8 percent of its total workforce and will not make much difference. It means clearly that pink slip can be given to some employees of the company.
HR head gave this statement
According to an Economic Times report, Physics Wala’s Chief Human Resources Officer Satish Khengre said in a statement, “Under PW, we regularly assess the company’s performance in the mid-term and the period ending in October. In the next cycle, less than 0.8 percent of our workforce, i.e. 70 to 120 people, whose performance is not as per expectations, may be asked to find jobs elsewhere.
There will be hiring of 1000 more employees in the company
On one hand, employees are being laid off in Physics, while on the other hand, it is being said that about a thousand people will be hired in the coming time. The Chief Financial Officer has told the Economic Times that in the next six months the company is working on its growth plan and about 1000 employees will be given jobs here.
Physics became a unicorn this year
YouTuber Alakh Pandey founded the company in the year 2020. In this year i.e. 2023, the company has become a unicorn. Physics Walla had raised $100 million from Westbridge Capital and GSV Ventures at a valuation of $1.1 billion. A unicorn company is one whose valuation is more than 1 billion dollars.
Physics Wala’s business performance
In the financial year 2022, the company had achieved a profit of Rs 97.8 crore, which is 14 times more than the profit of Rs 6.93 crore in the previous financial year. Whereas the standalone operational revenue of Physics Wala jumped 9 times to Rs 232.48 crore.