As the tech and startup sector in the US saw more than 12,000 job cuts in the Indian startup ecosystem, which had witnessed a boom during the pandemic period are now back to reckon their existence.
According to Crunchbase, the situation is grim especially for those which took off after the pandemic with difficulty to raise more funding amid a gloomy environment. Besides crypto crash, online gaming startups come under pressure.
Globally, companies like Netflix, financial services company Robinhood and several crypto platforms have tripped their workforce. Several crypto exchanges and firms including Coinbase, Gemini, crypto.com, Vauld, Bybit, Bitpanda and others announced to downsize their workforce.
Pokemon GO game developer Niantic has asked eight per cent of its workforce to leave the company, which is said to be around 85-90 people.
Elon Musk-run Tesla has cut 10 per cent of its salaried workforce. As startups in India keep firing their staff to navigate through the 'funding winter', the country may see more than 60,000 job losses in 2022 alone, led by edtech and e-commerce platforms.
Nearly 12,000 startup employees have been shown the door to date, let by companies like Ola, Blinkit, BYJU's (White Hat Jr, Toppr), Unacademy, Vedantu, Cars24, Mobile Premier League (MPL), Lido Learning, Mfine, Trell, farEye, Furlanco and more.
Industry experts say that at least 50,000 more startup employees are likely to be thrown out this year alone in the name of "restructuring and cost management" while certain startups keep receiving millions in fundings.
Even several unicorns have also laid off employees like Ola, Unacademy, Vedantu, Cars24 and Mobile Premier League (MPL).
(With inputs from IANS)
