Unacademy cancels cash appraisals; staffers will be rewarded with stock options

Unacademy’s cofounder and CEO Gaurav Munjal on Thursday told employees that appraisals for the financial year ended March 2023 stand canceled, as the edtech startup focuses on turning profitable amid an overall tightening in funding and a demand slump for online education.

The SoftBank and General Atlantic-backed firm will reward staffers with stock options based on individual performance, as per an internal memo reviewed by ET.