Gaurav Munjal, the CEO of Unacademy, announced that the company would not be giving appraisals this year while wearing a tee shirt worth Rs 30k. Mumbai: Unacademy CEO left the internet furious after he was seen announcing the company’s decision to put a hold on appraisals this year while wearing a T-shirt worth Rs 30, 000. Gaurav Munjal was seen sporting a black tee shirt from the British luxury brand Burberry while addressing the company’s employees in a virtual town hall.
The video of Munjal’s speech was posted on Reddit with the caption, “This is Burberry Black Parker T-shirt with embroidered logo. Yeah agreed that one shouldn’t go after their personal stuff. But it is what it is.
” Unacademy CEO slammed online for appearing in a Rs 30k T-shirt to announce no appraisal news Unacademy CEO shares news of no appraisal year while wearing a $400 tshirt by u/Beneficial-Ad-9123 in StartUpIndia In the video, the CEO explained the decision to retract from the promised appraisal of 2024. “So, it’s been a while since I have given you an update about the business. 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.
I kept saying that we don’t have a survival risk. But sometimes, like one of my investors always says, when a great team meets a tough market, the market always wins. Our competitors haven’t survived and it has been a very difficult market to be in,” said Munjal.
He added, “We won’t be able to do any appraisals this year. I know I said that we will do appraisals two to three weeks ago, but when we started the process, we realised that we made a mistake. Because we did not hit our growth numbers, it is better that we are honest.
I know it’s tough as some of you have not got appraisals for two years.” Further, he claimed that the company was going through a tough phase. “The toughest part is over, but we are still going through a bad phase.
It is very unfortunate and I really wanted us to hit our growth numbers this year and get good appraisals,” said Munjal. The video received severe backlash on Reddit. One wrote, “Worse apology video than Travis Scott.
” Another commented, “I didn’t even know they sold t-shirts that costly.” A third person stated, “He takes full ownership of this? How exactly? Is he giving extra stock options instead of appraisal? Gaslighting karne ka tareeka thoda kezual hai.” Some called it an example of capitalism.
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