Unacademy CEO denies rumours of merger, acquisition

Co-founder and CEO of Unacademy Gaurav Munjal on Wednesday, July 3, denied reports of a possible merger or acquisition saying "ignore the rumours". This comes after layoffs of around 250 employees were reported at the edtech firm. 

"There is a lot being said about Unacademy currently," Munjal wrote in a post on X.

He further commented that the firm was having its best year in terms of growth and profitability.

"To set the record straight, Unacademy will have its best year in terms of growth and profitability. We also have many years of runway. We are building Unacademy for the long run," the CEO said.

According to some reports, Unacademy has approached edtech firm Physics Wallah, coaching institute Allen, education services company K12 Techno, and other education coaching companies. 

TechCruch had cited sources which reveal that the edtech firm is going to let go of 100 employees from marketing, business, and product, and about 150 in sales. 

With these layoffs, Unacademy's total job cuts tally comes to around 2,000 since the second half of 2022.

Last month, Munjal commented on the fall of another edtech firm Byju's in a post.

Munjal had commented that the founder and Group CEO of Byju's, Byju Raveendran, had faced setbacks as he had put himself on a pedestal and stopped listening to anyone. 

"Byju failed because he didn't listen to anyone. He put himself on a pedestal and stopped listening. Don't do that. Never do that. Don't listen to everyone but have people who can give you blunt feedback," Munjal said.

"You might not always like the feedback, but take the feedback and act on it," he added.

With agency inputs