Indian startups fired 10,000 employees from October to January - Prachi Verma
With investors tightening their purse strings because of the volatility in the global economy, many unicorns and startups such as Byju’s, Swiggy and Ola have slowed down hiring or even resorted to firing employees.
Startups in India fired about 6,000 employees in October-December 2022 and another 4,000 or so in January 2023, the Economic Times reported, citing a report by CIEL Human Resources services.
Many unicorns and startups like Byju's, Swiggy and Ola have slowed hiring and fired employees as investors have tighened their purse strings due to volatility in the global economy. Startups that went on a hiring binge in the second half of 2022 are the ones firing people, the newspaper quoted Anshuman Das, a co-founder of Careernet as saying. Job losses are most prevalent at the junior to mid-level across startups and unicorns.
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Prachi Verma, Economic Times, 8 January, 2023, https://economictimes.indiatimes.com/tech/startups/startups-fired-6000-in-october-december-2022-4000-in-january-2023-alone/articleshow/97703085.cms
Tagged with: Indian Economy Global Economy Economic Slowdown Job Losses Unemployment Employment Startups