Edtech major Unacademy-owned software-as-a-service platform Graphy has let go of 20-30 per cent of its workforce, which is nearly 40-50 employees, sources said. After Relevel and PrepLadder, this is another flagship group company which is undergoing a restructuring.
“At Graphy, we are committed to growth and have a strong belief in our mission to empower creators and educators to scale their online brands and business by launching their online courses and selling them through our platform. We continue to make significant strides in achieving our goals, and our commitment to our mission is unwavering,” said a spokesperson from Graphy.
No layoffs
“Our employees echo this commitment and are working steadfastly towards our mission. We have not done any layoffs and we remain focused on enhancing our team’s performance and overall productivity so we can continue to compound our growth,” the spokesperson added.
The development comes months after the Unacademy CEO took to social media to praise Graphy, saying that the creators were making approximately $3 mn a month by selling courses on Graphy.
“Graphy is now doing almost ₹25 Cr in monthly GMV (Gross Merchandise Value). That’s 50 per cent of Classplus, which is the market leader with a valuation of $500 mn. Classplus is definitely overvalued,” Munjal told employees on the company’s internal Slack channel.
In January this year, Graphy CEO Sumit Jain tweeted that the company turned operationally profitable. The firm’s FY22 revenue stood at ₹8.86 crore against a loss of ₹3.6 crore.
In the same month, Unacademy’s upskilling-focused group company Relevel laid off 40 employees after pivoting to a B2B platform, Uplevel, which was projected as a homegrown competitor to the professional networking site, Linkedln.
The SoftBank-backed edtech giant has announced multiple retrenchment rounds since last year, impacting more than 2,000 employees across all verticals.
In March 2022, the company fired 125 ‘consultants’ at its PrepLadder vertical and followed it up by laying off another 210 educators as part of its cost restructuring drive.