Pakyong, 27 March : It has been reported that due to the pandemic and economic uncertainty, more than 23,000 employees have been let go by Indian startups. The reports suggest that around 82 startups in the country have carried out these layoffs, and it is anticipated that the figures may increase further.
The ongoing global economic downturn has been impacting Indian startups, resulting in a surge in layoffs. Recent reports suggest that over 23,000 employees have been let go by at least 82 startups in India, and this number is expected to rise. A report by Inc42 states that 19 ed-tech startups, including four unicorns, have let go of over 8,460 employees. Some of the prominent startups leading the layoffs include BYJU’S, Ola, OYO, Meesho, MPL, LivSpace, Innovaccer, Udaan, Unacademy, and Vedantu.
Livspace, a platform for home interiors and renovations, has implemented cost-cutting measures that resulted in the dismissal of at least 100 of its employees. Similarly, Dukaan, a Software-as-a-Service (SaaS) platform catering to online stores, let go of approximately 60 workers, which accounts for almost 30% of its staff, in its second round of layoffs in just six months.
Pristyn Care, a startup in the healthcare industry, has fired approximately 350 employees from its product, tech, and sales teams. Similarly, upGrad, an online higher education company, has let go almost 30 percent of its employees at its subsidiary “Campus.” FarEye, an end-to-end global delivery management platform, laid off 90 workers in February, which was its second round of layoffs in around eight months due to the economic downturn. Additionally, ShareChat, a social media firm, laid off about 20 percent of its workforce, impacting roughly 500 employees, as a result of the pandemic’s uncertain market conditions.
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