Over 16,000 employees fired by Indian startups in 2023; check top companies

Over 16,000 employees fired by Indian startups in 2023; check top companies

16,398 employees were laid off by over 100 Indian startups and technology companies in 2023 (as of December 26) across major and emerging tech hubs in the country including Delhi NCR, Bengaluru, Mumbai, etc., as per Layoffs.fyi.

16,398 employees were laid off by over 100 Indian startups and technology companies in 2023 (as of December 26) across major and emerging tech hubs in the country including Delhi NCR, Bengaluru, Mumbai, etc., as per Layoffs.fyi.

While Paytm trimmed its workforce by 1,000 employees, Byju’s fired 2,500 employees, JioMart sacked 1,000 employees, and Swiggy laid off 380 employees this year, data showed.

While Paytm trimmed its workforce by 1,000 employees, Byju’s fired 2,500 employees, JioMart sacked 1,000 employees, and Swiggy laid off 380 employees this year, data showed.

Further, Milkbasket fired 400 employees, 600 employees by Skill Lync, around 600 by 1K Kirana, 700 employees by ShareChat, 300 by Adda247, 350 by MPL, 300 by Spinny, 300 by WayCool, 251 by Meesho, over 300 by Dunzo, 300 by Pristyn Care, 200 by Ola, etc.

Further, Milkbasket fired 400 employees, 600 employees by Skill Lync, around 600 by 1K Kirana, 700 employees by ShareChat, 300 by Adda247, 350 by MPL, 300 by Spinny, 300 by WayCool, 251 by Meesho, over 300 by Dunzo, 300 by Pristyn Care, 200 by Ola, etc.

Startups have been reducing their workforce amid a tougher fundraising environment and investors’ focus back on profitability and lesser cash burn.

Startups have been reducing their workforce amid a tougher fundraising environment and investors’ focus back on profitability and lesser cash burn.

Funding in Indian startups dropped 72% in 2023 to $7 billion (till December 5), compared to $25 billion in the previous year, making it the lowest-funded year in the last five years.

Funding in Indian startups dropped 72% in 2023 to $7 billion (till December 5), compared to $25 billion in the previous year, making it the lowest-funded year in the last five years.

As a result, India dropped from 4th place in 2022 and 2021 to 5th place among the highest-funded geographies globally in 2023.

As a result, India dropped from 4th place in 2022 and 2021 to 5th place among the highest-funded geographies globally in 2023.

The last quarter (Q4) recorded the lowest funding of $957 million to date, marking it the lowest-funded quarter since Q3 2016.

The last quarter (Q4) recorded the lowest funding of $957 million to date, marking it the lowest-funded quarter since Q3 2016.

The decline was primarily because of the huge decline in late-stage funding, by over 73 per cent to $4.2 billion in 2023 from $15.6 billion in 2022.

The decline was primarily because of the huge decline in late-stage funding, by over 73 per cent to $4.2 billion in 2023 from $15.6 billion in 2022.

The number of over $100 million rounds recorded was only 17, dropping by 69 per cent compared to last year.

The number of over $100 million rounds recorded was only 17, dropping by 69 per cent compared to last year.

Among sectors, fintech, driven by increasing smartphone penetration and government initiatives towards a cashless economy, received $2.1 billion in funding in 2023, a decrease from $5.8 billion from the same period last year.

Among sectors, fintech, driven by increasing smartphone penetration and government initiatives towards a cashless economy, received $2.1 billion in funding in 2023, a decrease from $5.8 billion from the same period last year.

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Image source : Pexels

Image source : Pexels