Indian startups send 21k employees home
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New Delhi: As global layoffs deepen, Indian startups are not far behind and have sacked thousands of employees in the past 3-4 months, with many more to be given pink slips in the coming months amid deepening funding winter.
In India, more than 21,000 employees have been laid off by more than 70 startups today, including from unicorns like BYJU's, Ola, MPL, Innovaccer, Unacademy, Vedantu, Cars24, Oyo, Meesho, Udaan and many more.
The edtech sector laid off the most employees, with 16 edtech startups laying off more than 8,000 employees to date. With the onset of January, more and more Indian companies are slashing jobs across the spectrum. The new year has already seen more than 16 homegrown startups sack employees in the country. Social media company ShareChat (Mohalla Tech Pvt Ltd) has laid off 20 per cent of its workforce due to uncertain market conditions.
Backed by Twitter, Google, Snap and Tiger Global, ShareChat has about 2,300 employees, and the layoff impacted about 500 people at the company,
Healthtech unicorn Innovaccer has sacked nearly 245 employees, or about 15 per cent of its workforce, across teams in India and the US.
Innovaccer cofounder and CEO Abhinav Shashank cited an "uncertain macroeconomic environment" as the reason behind the job cuts, according to an internal mail sent to employees and accessed by leading startup news portal Inc42.
