PhysicsWallah, the edtech unicorn, has recently made the decision to lay off 120 employees as part of its performance review process. The layoffs were based on a mid-term appraisal analysis carried out in October. This move comes amidst earlier speculations that scores of PhysicsWallah staff members were being asked to exit the company.
Addressing the social media posts that made unverified claims of around 500 layoffs, a top official of the company stated that only a small percentage of the workforce, specifically “less than 0.8 percent” (ranging from 70 to 120 individuals) with performance concerns, may be asked to transition based on the performance review for the period ending in October.
Despite these layoffs, PhysicsWallah remains focused on growth and has plans to hire an additional 1,000 employees in the next six months. The company aims to reinforce its commitment to expansion and development.
Founded in 2020 by Alakh Pandey, a renowned YouTube teacher, PhysicsWallah achieved unicorn status last year after raising $100 million from WestBridge Capital and GSV Ventures, valuing the company at $1.1 billion. Its success continued as it reported a significant increase in net profit in FY22, amounting to ₹97.8 crore, a notable rise from ₹6.93 crore in the previous financial year. The standalone operational revenue also experienced a significant jump, reaching ₹232.48 crore.
Looking ahead, PhysicsWallah projects its revenue to surpass ₹1,200 crore in FY23, with an expected EBITDA margin of 40-45 percent. This optimistic outlook reflects the company’s dedication to maintaining its growth trajectory.
FAQ:
Q: How many employees did PhysicsWallah lay off?
A: PhysicsWallah laid off 120 employees based on a performance review analysis.
Q: Is PhysicsWallah planning to hire more employees?
A: Yes, PhysicsWallah intends to hire 1,000 more employees in the next six months.
Q: Who founded PhysicsWallah?
A: PhysicsWallah was founded by Alakh Pandey, a YouTube teacher.
Q: What is PhysicsWallah’s projected revenue for FY23?
A: PhysicsWallah expects its revenue to reach ₹1,200 crore in FY23.
Q: What was PhysicsWallah’s net profit in FY22?
A: PhysicsWallah’s net profit in FY22 was ₹97.8 crore.