Unacademy, an Indian edtech startup valued at $3.4 billion, has laid off over 350 employees, or 12% of its workforce. The decision was made due to the economic recession, funding constraints and the need to run a profitable business. This is the second round of layoffs by Unacademy, which had previously cut 1,000 full-time and contractual employees in April 2020. The company has promised to provide severance pay, medical insurance for six months and accelerated vesting of stocks to impacted employees, as well as dedicated career support and placement. Unacademy’s competitor, Byju’s, also cut jobs last year and is considering shutting down coding platform WhiteHat Jr. due to investment struggles and market downturn in the edtech industry.