May 20, 2022
By: kritti.bhalla@timesinternet.in
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According to Business Insider’s calculations, Indian startups have let go of over 8,139 employees. This also includes the 3,000 employees Better.com laid off from India and US in March 2022. Several experts Business Insider spoke to have confirmed that there may be more layoffs in the time to come.
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US-based digital mortgage company Better.com laid off more than 3,000 employees from its US and India office in March 2022, according to a New York Times report. The number of employees laid off specifically from India is not yet clear.
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Ola has reportedly undergone massive restructuring in this quick commerce vertical, leaving 2,100 contract workers out of jobs, according to an Economic Times report citing sources.
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Unacademy has laid off 600 employees since February as it looks to turn profitable by the end of this year. It also laid off 325 part-time workers and educators on its platform, as per Inc42.
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Edtech company Vedantu laid off 424 employees, the company said on May 18. This was in addition to 200 academicians and assistant teachers — both contractual and full time — laid off earlier this month citing performance issues.
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Pre-owned cars e-commerce platform Cars24 laid off 600 employees in May 2022 due to poor performance. The company has a workforce of 9,000 employees.
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Social commerce platform Trell was reportedly planning to lay off nearly 50 percent of its workforce, or about 300 people, across various offices in India as the company’s cofounder faced a probe order by its board of directors.
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Lido Learning laid off 150-200 employees in February 2022. Media sources have blamed severe cash crunch as the main reason for these layoffs.
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Furniture rental startup Furlenco has reportedly laid off 180-200 employees as the company has been scaling down its operations across various metro and non-metro cities such as Pune, Kolkata and Ahmedabad.
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Facebook-backed ecommerce company Meesho has laid off 150 employees from its grocery business, which was restructured and rebranded to Meesho Superstore in April.
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Bengaluru-based bookkeeping startup OkCredit reportedly laid off around 30-40 employees from backend, tech and engineering teams in February 2022.
Credit: BI India