Unacademy laid off over 1,500 employees last year, is now planning to forego paying cash appraisals to its employees this year. Instead, the company stated that it would provide employees with stock options based on their performance.
“… we have decided not to conduct any cash appraisals this year. Instead, we will reward everyone with stock options based on their performance,” said CEO and cofounder Gaurav Munjal in an internal message to employees. Munjal attributed the move to the edtech company’s emphasis on profitability and growth. He went on to say that the edtech company would only consider an IPO if it had at least four quarters of profitability behind it.
