The Ed-tech unicorn Unacademy is all set to prioritise profitability over growth ahead of the initial public offering (IPO) in two years. Unacademy has taken some crucial steps for the company to make profits such as putting travel restrictions on employees, stopping complimentary meals and snacks at the office, and pay cuts for founders and management.
Employees like CXOs will no longer be provided business class treatment when they travel if someone wishes to do so they will have to pay from their own pocket. Unacademy’s co-founder and chief executive officer, Gaurav Munjal said in an internal note to employees. that some privileges like a personal driver for CXOs will no longer be working for them and if they want so they can pay them from their own. “We will be shutting down certain businesses that have failed to find PMF(product-market fit) like Global test prep,” Munjal said.
The co-founder also said that the company shall embrace ‘frugality’ as a core value from now. “Until now we have never had frugality as one of the core values for us. Honestly, since we were focused on growth and the fact that we had raised millions of dollars of capital, frugality wasn’t a priority,” Munjal said in the internal note.
“But now the goal has changed, we have to do an IPO (initial public offering) in the upcoming two years. And we have to turn cash-flow positive. For that we must embrace frugality as a core value,” Manjul further added.
