As economic uncertainty persists, the wave of layoffs in Indian startups has intensified, resulting in over 23,000 job losses across nearly 82 companies, with the numbers continuing to rise, according to media reports.
A recent analysis by Inc42 revealed that 19 edtech startups, including four unicorns, have collectively laid off more than 8,460 employees.
Prominent startups leading the layoff trend include BYJU’S, Ola, OYO, Meesho, MPL, LivSpace, Innovaccer, Udaan, Unacademy, and Vedantu, among others.
Livspace, a platform for home interiors and renovation, recently announced the layoff of approximately 100 employees as part of cost-cutting measures.
Similarly, Dukaan, a SaaS platform for online stores, executed its second round of layoffs, affecting around 60 employees, representing nearly 30% of its workforce.
Pristyn Care, a healthcare unicorn, also downsized its workforce by up to 350 employees, impacting various departments including sales, technology, and product teams.
upGrad, an online higher education company, reduced its workforce by nearly 30% at its subsidiary “Campus.”
FarEye, a global delivery management platform, laid off 90 employees for the second time in eight months, citing economic challenges.
The trend of layoffs has persisted into the new year, with ShareChat (Mohalla Tech Pvt Ltd), a social media company, downsizing its workforce by 20%, affecting approximately 500 employees due to uncertain market conditions.
The surge in layoffs reflects the broader economic challenges faced by startups in India, highlighting the need for strategic restructuring and adaptation in response to evolving market dynamics.
