More than 35,000 people have lost jobs at Indian startups in the last two years, and job cuts will likely continue unabated as we enter 2024.
In 2022, more than 18,000 employees were fired by Indian startups from across verticals, led by players like BYJU’S, Ola, Unacademy, Blinkit and WhiteHat Jr, Skill-Lync, GoMechanic, ShareChat and ZestMoney, among others.
In 2023, over 17,000 people have already lost jobs and the list is only growing, according to a report by Inc42.
Social media platform ShareChat has just laid off 200 employees, or about 15 per cent of its workforce, as part of strategic restructuring.
Game streaming platform Loco has laid off about 36 per cent of its workforce, or 40 employees, from its total staff strength of 110.
Google-backed edtech platform Adda247 laid off around 250-300 employees across verticals.
According to Entrackr, citing sources, about 100 to 150 employees were laid off from StudyIQ, a UPSC-focused edtech platform acquired by the company for about $20 million in December 2021.