No appraisal for Unacademy employees in 2024

Employees of edtech unicorn Unacademy will receive no appraisal in 2024, co-founder and chief executive officer Gaurav Munjal said at the firm’s virtual town hall. Even in 2023, it had not given cash appraisal and instead provided performance-linked stock options to employees.

“I think 2023 was an average year for us. But 2024, if not great, was above average. But we did not hit our growth goals. The good part is that the burn is extremely low now, and we have a huge runway. And I kept saying that we don’t have a survival risk,” said Munjal in the town hall.

As per Munjal, the company won’t be able to do any appraisals this year as it didn’t hit the projected growth numbers. “I know I said that we will do appraisals two, three weeks ago, but when we started the process, we realized that we made a mistake,” he said in the town hall.

Munjal urged its workforce to look at the bigger picture. “We are the ones who are still standing while our competitors are going down one by one,” he said.