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28,000 and counting: That’s the 2023 layoff data from startup land

Economic Times · 1y

According to data from Longhouse Consulting, startups in India have laid off more than 28,000 employees in the first three quarters of 2023. This restructuring and cost-cutting have been driven by the challenging funding environment and the need to prioritize essential operations. Sectors like edtech, real money gaming, and B2B ecommerce have been the hardest hit, while fintech and deep tech have fared better. Despite the layoffs, some startups continue to hire, particularly in sectors like sustainability, electric mobility, deeptech, spacetech, and healthtech.