PhysicsWallah, an edtech startup, has laid off 120 employees after a performance review, focusing on optimizing team performance. While not a cost-cutting measure, it reflects a strategy to enhance efficiency. The company plans significant recruitment, valuing its employees' role in shaping educational technology. This aligns with a broader trend in the industry, impacting several edtech platforms.
a recent development within the edtech sector, PhysicsWallah, an emerging
educational startup, has made the decision to lay off 120 of its employees. The
layoffs stem from the company's comprehensive performance review process, a
move aimed at optimizing team performance. Statements from PhysicsWallah
highlighted the strategic nature of these layoffs, underlining that they were
not a cost-cutting strategy.
Satish Khengre, PhysicsWallah's Chief Human Resources Officer, stressed the importance of regular performance evaluations conducted by the company. These reviews have resulted in the decision to part ways with 70 to 120 individuals. However, amidst these layoffs, there's a parallel plan for significant recruitment. Khengre disclosed plans to bring in approximately 1,100 new hires over the next two quarters, emphasizing the company's focus on fostering a high-performing workforce.
During a recent interview with PTI, Khengre reiterated its commitment to growth, aiming to hire an additional 1,000 employees within the subsequent six months. The company's vision places immense value on its existing employees, recognizing their pivotal role in shaping the landscape of educational technology.
Established in 2020 by Alakh Pandey and Prateek Maheshwari, PhysicsWallah has garnered substantial investor interest, having secured $100 million from prominent backers such as WestBridge Capital and GSV Ventures. Currently valued at $1.1 billion, the startup continues to evolve.
This move by PhysicsWallah echoes a trend in the edtech industry, where several platforms, including Byju's, Unacademy, Vedantu, Cuemath, and Teachmint, have resorted to layoffs as part of cost-cutting measures, affecting over 10,000 employees collectively.