January 29, 2023
2 mins read

70-plus Indian startups show exit door to 21K techies

Healthtech unicorn Innovaccer has sacked nearly 245 employees, or about 15 per cent of its workforce, across teams in India and the US…reports Asian Lite News

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 to day, including from unicorns like BYJU’S, Ola, MPL, Innovaccer, Unacademy, Vedantu, Cars24, OYO, Meesho, Udaan and many more.

The edtech sector has 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.

This was the second layoff at the company in around 4-5 months’ time amid the deepening funding winter and recession fears.

In September last year, Innovaccer laid off nearly 120 employees, or less than 8 per cent of its workforce.

Online food delivery platform Swiggy confirmed that the company is laying off 380 employees as food delivery growth slows.

MediBuddy, an end-to-end digital healthcare platform in India, has laid off 8 per cent of its workforce, around 200 people, across all departments as a restructuring exercise.

Homegrown online vehicle repair platform GoMechanic, backed by Sequoia India, has laid off 70 per cent of its workforce as the startup struggles to raise funds amid serious concerns of accounting troubles.

The company has asked the remaining staff to work without pay for three months, according to reports.

Software-as-a-service (SaaS) voice automation startup Skit.ai has asked more than 115 employees to go, mostly from its India team, as part of the “restructuring process” amid the deepening funding winter.

Even IT giant Wipro has laid off more than 400 fresher employees for poor performance in internal assessment tests.

ALSO READ-Goyal seeks to strengthen global startup ecosystem

Previous Story

Election budget aims to focus on ‘rural growth’

Next Story

Long queues at petrol pumps across Pakistan

Latest from Business

RBI Holds Rates, Boosts Outlook

One of the most significant announcements was the upward revision of India’s GDP growth forecast for FY 2025–26—from 6.5% to 6.8% In a move reflecting cautious optimism, the Reserve Bank of India

Nykaa Expands Global Footprint with UK Debut

To commemorate this significant global debut, Nykaa’s leadership hosted an exclusive soiree at the George Club in Mayfair, London Nykaa, India’s leading beauty and lifestyle destination, is set to make a grand

Nothing’s CMF Goes Indian with $100M JV

Company has announced a $100 million joint venture with Indian electronics manufacturer Optiemus Infracom Limited….reports Asian Lite News Smartphone maker Nothing has spun off its budget sub-brand CMF into an independent subsidiary,

Airbnb Boosts India Economy

Among international guests, the largest inbound sources were the United States, United Kingdom, Canada, and Australia Hospitality giant Airbnb made a significant impact on India’s economy in 2024, contributing Rs 113 billion

Rupee, Markets Gain Amid Trade Optimism

Emerging market currencies, including the rupee, have gained support amid softening in the dollar. Reports suggesting that the US economy is on the verge of a recession have contributed to the greenback’s
Go toTop

Don't Miss

Does age matter for startups?

The venture is Soota’s second in the health and wellness

G20 Startup20 summit kicks off  

Som Parkash said startups are India’s national assets and praised