Edtech firm Physics Wallah may lay off up to 120 employees due to performance issues, according to the company.
The company in a statement said that less than 0.8% of its total workforce will be impacted due to the performance review exercise.
"At PW, we regularly assess performance through mid-term and end-term cycles. For the cycle ending in October, less than 0.8% of our workforce, ranging from 70 to 120 individuals with performance concerns—may be asked to transition.
"Our primary focus remains on fostering a dynamic, high-performing team. We plan to hire an additional 1,000 employees in the next six months," PW, CHRO, Satish Khengre said in a statement.
The company has around 12,000 employees.
Several edtech companies, including unicorns like BYJU'S and Unacademy had hired excess staff to meet the sudden spike in demand for online classes during the Covid period.
This is the first mass lay-off that has been announced by Physics Wallah.
"We deeply value the dedication of our existing employees and recognize their integral role in shaping the future of education technology," Khengre said.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
