PhysicWallah which raised 100 million dollars will lay off 120 employees

PhysicWallah Layoff : ‘Physics Wala’, an EdTech company that prepares students for competitive exams through online and offline methods, is going to lay off 120 of its employees. The reason cited for this is performance. However, the company claims that this layoff will affect less than 0.8 percent of its total workforce. According to a PTI report, the company’s Chief HR Satish Khengre said in a statement that we regularly assess performance. In the period ending in October, less than 0.8 percent of our workforce, i.e. 70 to 120 people, may be asked to search for jobs elsewhere. These are those whose performance is not as expected.

At the same time, a report in Economic Times says that the company is planning to hire new people in the coming days. Company officials say that the company is working on its growth plan in the next 6 months and about 1000 people will be given jobs.

Fyzzix has earned a name in a short time. It was started by Alakh Pandey, a YouTuber from Allahabad. The company was started in the year 2020. Last year, it made headlines by raising $100 million from Westbridge Capital and GSV Ventures at a valuation of $1.1 billion. In this way, the company became a unicorn. In FY 2022, Fyzzix Wala earned a profit of Rs 97.8 crore, which was many times more than the profit of Rs 6.93 crore in FY 2021.

According to a report, Physics Wala currently has more than 12 thousand staff. The people who are being laid off are said to be associated with content, operations and other departments. It is not clear on which salary structure the layoffs are being done. Layoffs in ‘edtech’ companies are not a new thing.