New Delhi, March 30 : There is no stopping layoffs in the Indian edtech space and Gaurav Munjal, Co-Founder and CEO of Unacademy, has announced to reduce the size of team by 12 per cent or more than 350 employees to "meet the goals we are chasing in the current realities we face". Apologising for the fresh round of job cuts, Munjal said in an internal memo seen by IANS that today's reality is a contrast from two years ago "where we saw unprecedented growth because of the accelerated adoption of online learning". "The global economy is enduring a recession, funding is scarce and running a profitable business is key. We have to adapt to these changes, build and operate in a much leaner manner so we can truly create value for our users and shareholders," Munjal wrote. In November last year, the edtech major laid off 10 per cent of its workforce or nearly 350 employees, as funding winter deepened. Munjal said that for impacted employees, the severance pay will be equivalent to the notice period with an additional one month's pay. There will be an accelerated vesting of one year for employees who have been with the company for at least one year and medical insurance coverage for additional six months (until September 30), along with placement and career support. "We have taken every step in the right direction to make our core business profitable, yet it's not enough. We have to go further, we have to go deeper. Unfortunately, this has led me to take another difficult decision," said Munjal. Earlier this year, Unacademy-run Relevel laid off 40 employees, or 20 per cent of its workforce, as it shifts its focus from the education business to "tests product" and a new app called NextLevel. /IANS