News on Medial

100,000 startup workers may have lost jobs in past 2 years

Livemint · 1y

India's startup ecosystem has seen over 1,400 companies lay off around 91,000 employees in the past two years, according to data from tech-focused hiring firm TopHire. When factoring in concealed layoffs, the figure could be closer to 120,000. Startups have faced funding constraints, leading them to adopt austerity measures and reduce employee costs. While publicly available data suggests around 25,000-28,000 reported layoffs, this only offers a partial view, as contract employees and consultants are often not mapped during these layoff drives. The liquidity crisis has impacted funding, forcing startups to cut marketing expenses and realign cost structures.