- PhysicsWallah (PW), an edtech unicorn, has laid off approximately 70 to 120 employees, citing performance issues as the reason for the terminations.
- Contrary reports suggest that the layoff might also be a part of a broader cost-cutting initiative undertaken by the company.
- PW has been actively seeking to raise funds, reportedly engaging in discussions to secure $250 million at a valuation of $3.3 billion since the beginning of the year.
- In the fiscal year 2021-2022, PW reported a significant increase in net profit, reaching INR 97.8 crore compared to INR 6.9 crore in the previous fiscal year, indicating positive financial growth.
- According to PW’s CHRO, Satish Khengre, the company regularly evaluates employee performance through various cycles and highlighted that less than 0.8% of the workforce faced performance concerns in the cycle ending in October, leading to the decision for their transition.