NEW DELHI -- Amid rising struggles for India's once-hot educational technology market, SoftBank-backed Unacademy is undertaking drastic steps to prioritize profitability ahead of its planned initial public offering in two years.
In a companywide message on Monday, shared via the Slack messaging system, Unacademy co-founder and Chief Executive Gaurav Munjal said the company had 28 billion rupees ($352 million) in the bank but feels the startup is "not efficient" with handling finances. To cut "unnecessary expenses," Munjal said Unacademy will shut down its global test preparation business, implement pay cuts for founders and management, impose travel restrictions on employees and stop offering in-office complimentary meals and snacks.
