Over 10,500 employees were fired by 24 Indian startups

By VARINDIA - 2022-06-21

Over 10,500 employees were fired by 24 Indian startups

Layoffs across Indian startups have crossed the 10,000 mark as companies struggle to raise funds and are finding ways to reduce their cash burn. More than 10,500 Indian employees working at startups were let go in 2022.

 

These layoffs are largely being done in sales and marketing roles, according to various industry sources, while engineering and product roles remained merely unaffected. Startups led the tech hiring and talent war in the previous year that saw immense investor interest and multiple rounds of fundraises by these companies.

 

Startups like Meesho, Cars24, Ola, and Blinkit have fired their employees in masses. Over 25 startups have laid off employees in large numbers since the beginning of the year, citing funding crunch, restructuring, and so on, even blaming the employees’ performance.

 

Recently, Gurugram-headquartered social commerce startup CityMall laid off 191 employees citing restructuring of roles to align to a change in its business model and current funding environment as reasons.

 

The Indian edtech startups were most affected during the current period. Edtech companies like Unacademy, Vedantu, Lido Learning, and many others laid off as many as 4,000 employees, making almost 38 percent of the total layoffs.



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