Tuesday, March 21, 2023

Over 70 Indian startups show exit to 21,000 techies, more pink slips to come

Must read

Shreya Christinahttps://cafe-madrid.com
Shreya has been with cafe-madrid.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider cafe-madrid.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

New Delhi, As layoffs ramp up globally, Indian startups are not far behind and have laid off thousands of workers in the past 3-4 months, with many more set to get pink slips in the coming months amid deepening funding winter .

In IndiaMore than 21,000 employees have been laid off today by more than 70 startups, including unicorns like BYJU’S, OlaMPL, Innovaccer, Unacademy, Vedantu, Cars24, O YOMeesho, Udaan and many more.

The edtech sector has laid off the most workers, with 16 edtech startups laying off more than 8,000 workers to date.

With the start of January, more and more Indian companies are cutting jobs across the spectrum. More than 16 homegrown startups have already laid off workers in the country in the new year.

Social media company Share chat (Mohalla Tech Pvt Ltd) has laid off 20 percent of its workforce due to uncertain market conditions.

Supported by Twitter, Google, Snap and Tiger worldwideShareChat has about 2,300 employees and the layoff affected about 500 people at the company,

Health tech unicorn Innovaccer has laid off nearly 245 employees, or about 15 percent of its workforce, across teams in India and the US.

Innovaccer co-founder and CEO Abhinav Shashank cited an “uncertain macroeconomic environment” as the reason behind the job cuts, according to an internal email sent to employees and consulted by leading startup news portal Inc42.

This was the company’s second layoff in about 4-5 months amid the deepening funding winter and recession fears.

Last September, Innovaccer laid off nearly 120 employees, or less than 8 percent of its workforce.

Online food delivery platform Swiggy confirmed that the company is laying off 380 employees as food delivery growth slows.

MediBuddy, an end-to-end digital healthcare platform in India, has laid off 8 percent of its workforce, about 200 people, across all departments as a restructuring exercise.

Homegrown online vehicle repair platform GoMechanic, powered by Sequoia Indiahas laid off 70 percent of its workforce as the startup struggles to raise funds amid serious concerns over accounting issues.

The company has reportedly asked its remaining staff to work unpaid for three months.

Software-as-a-Service (SaaS) voice automation startup Skit.ai has asked more than 115 employees to leave, mostly from its Indian team, as part of its “restructuring process” amid the deepening funding winter.

Even IT giant Wipro has laid off more than 400 newer employees for poor performance in internal appraisal tests.


Budgeting for the fifth C

An app that aims to turn stock market fear into fun raises ₹75 lakh from sharks

Measures taken in subsidence-hit Joshimath are inadequate, Himalaya eco-sensitive zone, experts say

More articles


Please enter your comment!
Please enter your name here

Latest article