India Startup Layoffs Around 27 Thousand Employees Lost Jobs In Current Global Wave

In the midst of adverse economic conditions, the world is witnessing Global Layoffs for more than a year. Retrenchment is affecting almost every sector. Startups are more affected than this. This trend also dominates in India (India Layoffs). According to a report, in this phase of retrenchment, about 27 thousand tech workers have lost their jobs in Indian startups so far.

layoff continues

In a report by IANS, information about the layoff figures has been given by quoting startup news portal Inc42. According to statistics, Indian startups facing the problem of lack of funding since last year have laid off about 27 thousand people so far. This pace of retrenchment has still not slowed down and in the year 2023 also retrenchment is going on on a large scale.

Edutech companies ahead in layoffs

It has been told in the report that in this round of retrenchment, 98 startups have handed over pink slips to their 26,868 employees. EdTech Startups are ahead in terms of layoffs, including unicorn startup companies. According to the data, till now at least 22 edutech startups have laid off, in which 9,781 people have lost their jobs.

so many lost their jobs this year

Talking about this year, so far more than 8 thousand people have lost their jobs. So far in the year 2023, around 50 Indian startups have laid off. Virtual event platform Airmeet has laid off 30 per cent of its employees, affecting 75 people. Cred has laid off about 35 percent of the employees of its company Happe. At the same time, Edutech startup Teachmint has fired more than 70 employees in the second round of layoffs. The company has already laid off about 40 employees.

Chennai-based edutech startup Skill-Link has said that it is consolidating its operations due to global macroeconomic conditions. Under this, the employees of Chennai, Bangalore and Hyderabad have been affected.

layoffs around the world

The year 2023 is proving to be very bad for the tech sector. So far this year around 2 lakh tech workers have become victims of retrenchment all over the world. Big names like Facebook’s parent company Meta, BT, Vodafone are also included in the layoffs. According to layoffs reporting website layoffs.fyi, 695 tech companies have laid off so far this year, in which around 1.98 lakh employees have become victims.

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