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Indian Startup Layoff Tracker: 28,800+ Employees Laid Off By 110+ Startups Since 2022

Inc42 · 1y ago

Indian Startup Layoff Tracker: 28,800+ Employees Laid Off By 110+ Startups Since 2022

Since the onset of the funding winter in 2022, an estimated 28,871 employees have been laid off by 111 Indian startups. The situation doesn't seem to improve much as of now but experts believe this wouldn't last for more than a year. Read the article by clicking on "View Source" button to know more-

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Indian startups have laid off over 30,000 employees since the beginning of 2022

Money Control

Money Control · 1y ago

Indian startups have laid off over 30,000 employees since the beginning of 2022

Since the beginning of 2022, Indian startups have laid off over 30,000 employees. In 2023 alone, approximately 49 startups have laid off nearly 13,000 employees. Layoffs have slowed down in recent months, but many startups have resorted to silent layoffs. Byju's, the world's most valued edtech startup, recently announced a restructuring exercise that could lead to the elimination of 4,000 to 5,000 jobs. The funding winter continues to impact startups, with more tough decisions expected to be made for survival.

32,500 startup staff fired or forced to resign since 2022: Report

Twitter · 1y ago

32,500 startup staff fired or forced to resign since 2022: Report

More than 32,500 employees of startups operating in India were laid-off or forced to resign since 2022, according to data compiled by Moneycontrol. BYJU'S, including its subsidiaries, laid-off about 9,000-10,000 employees, topping the list, and was followed by Ola, with over 2,100 fired staff, and Unacademy, with about 2,000 laid-off employees. Meanwhile, Blinkit laid-off 1,600 employees.

Blackstone backed Simplilearn fires 200 employees, blames poor performance

Inc42 · 1y ago

Blackstone backed Simplilearn fires 200 employees, blames poor performance

Bengaluru-based edtech startup Simplilearn has reportedly laid off around 200 employees, citing poor performance. The layoffs affected employees at various levels, with the sales team being hit the hardest. While Simplilearn claims that the decision was based on performance, some impacted employees stated that it happened suddenly without any recent performance reviews. The layoffs come amidst the challenging funding climate for edtech startups, with thousands of employees being laid off in the sector since the start of 2022. Simplilearn offers online upskilling courses and was majority-acquired by Blackstone in 2021.

Tiger Global Backed Chargebee Fires 10% Workforce In 2nd Round Of Layoffs

Inc42 · 1y ago

Tiger Global Backed Chargebee Fires 10% Workforce In 2nd Round Of Layoffs

Chargebee, the Chennai-based SaaS unicorn, has laid off approximately 10% of its global workforce, affecting around 100 to 120 employees across various departments. CEO Krish Subramanian cited "market shifts" as the primary reason for the layoffs. This comes almost ten months after Chargebee's initial reduction in workforce due to economic challenges. The company will provide severance packages following relevant labor laws in each country. Since the beginning of 2022, Indian startups have laid off over 28,000 employees as they navigate challenging economic conditions.

Over 100 Indian startups laid off more than 15,000 staff this year: Report

Livemint

Livemint · 1y ago

Over 100 Indian startups laid off more than 15,000 staff this year: Report

According to Layoffs.fyi data, over 100 Indian startups laid off more than 15,000 employees in 2023 due to the funding winter. Byju's, an ed-tech startup, had to lay off 2,500 employees and its founder, Byju Raveendran, pledged his home to raise funds for salaries. The economic challenges forced startups to reduce costs, including marketing expenses and employee salaries. Globally, more than 1,160 tech companies laid off 2,602,238 employees this year, with Indian startups witnessing a 65.8% drop in funding between January and November 2023.

Insight Partners-Backed Appsmith Lays Off 25% Of Its Workforce

Startup News FYI

Startup News FYI · 1y ago

Insight Partners-Backed Appsmith Lays Off 25% Of Its Workforce

App development startup Appsmith, backed by Insight Partners, has laid off around 35 employees, approximately 25% of its workforce. The layoffs were attributed to challenging market conditions and a slowdown in business. Appsmith is offering a two-month severance pay as part of the compensation package for the impacted employees. The company aims to adapt to the evolving fundraising landscape and prioritize operational efficiency for long-term success. Since last year, Indian startups have laid off over 28,000 employees amid the funding winter and the focus on profitability.

Ecommerce and fintech firm Bolt lays off 29% of staff

Economic Times

Economic Times · 1y ago

Ecommerce and fintech firm Bolt lays off 29% of staff

Bolt, a US-based e-commerce and fintech company, has laid off 29% of its staff as part of its effort to achieve sustainable growth and efficiency. This comes after a series of previous layoffs since 2022. The company has raised $1 billion in venture-backed capital and was once valued at $11 billion. Similarly, music streaming giant Spotify announced a layoff of 17% of its workforce, affecting over 1,500 employees. Both companies cite the need to optimize operations and navigate economic challenges as reasons for the layoffs.

Sundar Pichai opens up on Google's biggest layoff: ‘Could have done differently’

Livemint

Livemint · 1y ago

Sundar Pichai opens up on Google's biggest layoff: ‘Could have done differently’

Google and Alphabet CEO Sundar Pichai discussed the company's largest layoff ever, involving 12,000 employees in 2022. During an all-hands meeting, Pichai defended the decision to reduce the workforce by 6%, citing the impact on employee morale and the need for future investments. He acknowledged that the method of informing and cutting off access to laid-off personnel simultaneously across time zones was not the right approach, stating they could have handled it differently.

Bizongo lays off 15% employees shortly after announcing $50 Mn fundraise

Entrackr

Entrackr · 1y ago

Bizongo lays off 15% employees shortly after announcing $50 Mn fundraise

E-commerce packaging company Bizongo has laid off 15% of its workforce, approximately 50 employees, shortly after securing $50 million in funding. This is the second round of layoffs for the company, with the first occurring in June 2020. Bizongo offers digital vendor management and supply chain services to its enterprise customers. The company aims to achieve profitability by FY24. The layoff comes amidst a challenging time for the Indian startup ecosystem, with over 15,000 job cuts reported in the first nine months of the year.

Used car retailing platform Spinny fires over 300 employees

Business Today

Business Today · 2y ago

Used car retailing platform Spinny fires over 300 employees

Indian used car retailing platform Spinny has laid off more than 300 employees, attributing the decision to cost-cutting measures. The startup has been impacted by market challenges and is implementing workforce reduction to navigate the current economic environment. Spinny's move reflects the broader trend of startups taking steps to manage costs and maintain sustainability amidst market uncertainties.

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