PhysicsWallah Lays Off 120 Employees After Performance Review: Report
NDTV
The move comes more than a year it became a unicorn and raised $100 million from investors like WestBridge Capital and GSV Ventures.
Edtech firm PhysicsWallah has reportedly laid off 120 employees after a performance review process. The company said in a statement that less than 0.8 per cent of its total workforce will face the impact of the performance-based evaluation process. The company has around 12,000 employees. The move comes more than a year it became a unicorn and raised $100 million from investors like WestBridge Capital and GSV Ventures. Entracker, which first reported the job cuts, PhysicsWallah made the move citing cost-cutting exercise.
The outlet said firing has happened in content, operation and a few other departments. Employees were asked to go in random meetings without "concrete reasons", Entracker further said.
The company, however, denied it was a mass firing.
