In the past two years, the Indian startup landscape has witnessed a distressing trend, with over 35,000 individuals losing their jobs. Unfortunately, this trend is projected to persist as we step into 2024.
The year 2022 saw a significant workforce reduction within Indian startups, with more than 18,000 employees being let go, spanning various sectors. Prominent entities such as BYJU’S, Ola, Unacademy, Blinkit, WhiteHat Jr, Skill-Lync, GoMechanic, ShareChat, and ZestMoney were among those leading the layoffs.
Moving into 2023, the job loss figures continued to escalate, surpassing 17,000 as reported by Inc42. The distressing trend reflects an expanding list of companies affected by layoffs, signaling a challenging landscape for employees.
ShareChat, a notable social media platform, recently downsized its workforce by 15 percent, resulting in the termination of 200 jobs as part of a strategic restructuring effort. Similarly, Loco, a game streaming platform, reduced its staff by 36 percent, equating to 40 employees out of a total of 110.
Even prominent names like Adda247, a Google-backed edtech platform, faced a workforce reduction, parting ways with approximately 250-300 employees across multiple segments.
In a similar vein, StudyIQ, an edtech platform focused on UPSC preparation, witnessed a downsizing, with Entrackr citing sources reporting the layoff of approximately 100 to 150 employees. This restructuring occurred subsequent to the platform's acquisition for approximately $20 million in December 2021.
(With Agency Inputs)
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