PhysicWallah which raised 100 million dollars will lay off 120 employees

PhysicWallah Layoff: 'Physics Walla', an edtech company that prepares students for competitive exams through online and offline methods, is going to lay off 120 of its employees. The reason for this has been said to be performance. However, the company claims that this layoff will affect less than 0.8 percent of its total workforce. According to PTI report, the company's Chief HR Satish Khengre said in a statement that we regularly assess the performance. In the period ending in October, less than 0.8 percent of our workforce i.e. 70 to 120 people may be asked to search for jobs elsewhere. These are those whose performance is not as per expectations.

A report in the Economic Times says that the company is planning to hire new people in the coming days. Company officials say that in the next 6 months the company is working on its growth plan and around 1000 people will be given jobs.

Physics has earned fame in a short time. Alakh Pandey, a YouTuber from Allahabad started it. The company was started in the year 2020. Last year, it made waves by raising $100 million from Westbridge Capital and GSV Ventures at a valuation of $1.1 billion. In this way the company became a unicorn. Physics Wala achieved a profit of Rs 97.8 crore in FY 2022, which was several times more than the profit of Rs 6.93 crore in FY 2021.

According to a report, at present Physicswala has more than 12 thousand staff. The people who are set to be laid off are said to be associated with content, operations and other departments. It is not clear on which salary structure the layoffs are being done. Layoffs in 'edtech' companies are not a new thing.