In a continued internal rejig, Unacademy Chief Operating Officer (COO) Jagnoor Singh has stepped down from his role as Co-founder Gaurav Munjal and partner Sumit Jain take direct charge of the operations, sources tell Moneycontrol.
The high-profile departure follows closely on the heels of co-founder Hemesh Singh’s resignation as Chief Technology Officer (CTO), a position he held for nearly nine years, and comes just days after Unacademy laid off 250 employees as part of a restructuring exercise “to streamline operations and enhance business efficiency.”
Inc42 was the first to report the development.
The company has been reshuffling its leadership and running a tight ship to adapt to the changing business environment and sustain the positive cash flow, it hit last year in the April-June quarter.
Per sources, Singh will remain with Unacademy during a six-month transition period, serving out his notice period. He had originally joined Unacademy as Chief Business Officer (CBO) in 2022 and was promoted to COO in January this year, following the resignation of Vivek Sinha.
The company had also witnessed the exit of Chief Financial Officer (CFO) Subramanian Ramachandran during the same period.
In December last year, Munjal had informed employees of the company’s improved financial health, achieved through stringent cost-cutting measures including layoffs and reduced executive benefits.
For the financial year 2022-23, Unacademy trimmed its losses to Rs 1,678 crore from Rs 2,847 crore in the previous year, although its revenue for the year stood at Rs 907 crore.
The restructuring efforts continued into July 2024, with Unacademy laying off approximately 250 employees across various departments. This included 150 employees from the sales team who failed to meet sales targets, while the remaining 100 layoffs were part of a broader organizational restructuring and performance-based evaluations.
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