Edtech company Physics Wallah is letting go of roughly 70 to 120 employees amid a challenging funding environment.
The funding constraint has led several startups to trim their staff in 2023.
The company said this decision comes from a performance-based evaluation process.
Satish Khengre, Chief Human Resources Officer, said: “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.”
The company turned into a unicorn last year with a valuation of $1.1 billion.
Need Career Advice? Get employment skills advice at all levels of your career
It secured $100 million in funding from investors like Westbridge and GSV Ventures.
The layoff coincides when investors emphasise prudence in growth and sustained profitability, even as the company claimed to be profitable.
This move aligns with a broader trend in the edtech sector, as other major players like Unacademy, Byju’s, and Vedantu have also implemented staff cuts.