Relevel’s highly skilled products are shifting focus to product test and LinkedIn’s newly launched rival NextLevel, Unacademy stated Tuesday. This is the latest in a string if changes from Unicorn, an Indian edtech firm, as it scrambles aggressively to find its next breakthrough.
Gaurav Mongal, Unacademy CEO and co-founder, wrote Tuesday to employees that 40 people at Relevel would be laid off “due to inavailability of positions”. According to the memo, about 80% of Relevel’s team will be absorbed into other companies in the Unacademy Group. TechCrunch reviewed it.
The Institute of Indian Education is supported by SoftBank and Tiger Global. Relevel group members will not be affected. Team members who are parting will be offered severance pays for the notice period as well as an additional two months.
“We are very grateful for the hard work and contributions of the Relevel team. Their hard work and hustle allowed us to quickly scale revenue, but the economics of the unit proved challenging,” Mangal writes.
“Our culture is to pursue new and creative ideas but we are also disciplined about setting ourselves to a high standard to continue the projects we start. Again, this decision does not take away from them their positive contributions especially towards improving the learning path and job opportunities for our clients.”
The company did no immediate respond to a request to comment.
Unacademy launched Relevel to capitalize upon the growing popularity and demand for creators. The platform gives them the opportunity to launch live, cohort-based classes. The education tech giant invested more than $20M in the product. Last year, Relevel generated $10 million in recurring revenue.
NextLevel, a startup, launched on LinkedIn last week.
Unacademy It cut about 1,400 full-time and contract jobsThe startup has been trying to reduce costs and increase discipline since last year.
The Bengaluru-based startup “always raises more money than required” in order to “continually experiment and develop our platform without worrying about when the money will run out,” Munjal He told the staff last year. But we need to change our ways. […]Winter is here
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