Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

New Delhi, 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 <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, more than 21,000 employees have been laid off by more than 70 startups to day, including from unicorns like BYJU'S, <keyword id="6354720" type="General" weightage="80" keywordseo="ola" source="Orion">Ola</keyword>, MPL, Innovaccer, Unacademy, Vedantu, Cars24, <keyword id="2808667" type="General" weightage="50" keywordseo="oyo" source="Orion">OYO</keyword>, 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 <keyword id="3358959" type="General" weightage="80" keywordseo="sharechat" source="Orion">ShareChat</keyword> (Mohalla Tech Pvt Ltd) has laid off 20 per cent of its workforce due to uncertain market conditions. Backed by Twitter, Google, Snap and <keyword id="526777" type="General" weightage="80" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>, 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 <keyword id="6358977" type="General" weightage="50" keywordseo="swiggy" source="Orion">Swiggy</keyword> 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 <keyword id="563136" type="General" weightage="50" keywordseo="sequoia-india" source="Orion">Sequoia India</keyword>, 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 <keyword id="10862" type="General" weightage="50" keywordseo="wipro" source="Orion">Wipro</keyword> has laid off more than 400 fresher employees for poor performance in internal assessment tests. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budgeting-for-climate-change/articleshow/97378027.cms">Budgeting for the fifth C</a> <a href="https://www.businessinsider.in/business/news/an-app-that-wants-to-turn-fear-of-stock-markets-into-fun-raises-75-lakh-from-sharks/articleshow/97378121.cms">An app that wants to turn fear of stock markets into fun raises ₹75 lakh from sharks</a> <a href="https://www.businessinsider.in/india/news/steps-taken-in-subsidence-hit-joshimath-inadequate-declare-himalayas-eco-sensitive-zone-say-experts/articleshow/97411665.cms">Steps taken in subsidence-hit Joshimath inadequate, declare Himalayas eco-sensitive zone, say experts</a>

70-plus Indian startups show exit door to 21K techies, more pink slips coming

Mohalla Tech, the parent company of homegrown social media apps <keyword id="8678883" type="General" weightage="20" keywordseo="moj" source="Orion">Moj</keyword> and <a href="https://www.businessinsider.in/advertising/media/article/bharat-users-are-as-affluent-and-digitally-savvy-as-india-users-sharechat-and-groupm-report/articleshow/89154657.cms" data-type="tilCustomLink">ShareChat</a>, is acquiring Times Internet-owned short-video platform <a href="https://www.businessinsider.in/tech/news/india-predicted-to-have-650-million-short-form-video-users-by-2025/articleshow/86792986.cms" data-type="tilCustomLink">MX TakaTak</a> for nearly $600 million (about Rs 4,500 crore), sources said here on Thursday. In 2021, Mohalla Tech cumulatively raised $913 million, at a valuation of $3.7 billion. The acquisition, sources close to the development told IANS, will further bolster <keyword id="3358959" type="General" weightage="20" keywordseo="sharechat" source="Orion">ShareChat</keyword>'s short-video market share through the platform Moj. When contacted, the companies declined to immediately comment on the development. Moj and ShareChat together have a 340 million-strong user community, while <keyword id="9555198" type="General" weightage="20" keywordseo="mx-takatak" source="Orion">MX TakaTak</keyword> has nearly 150 million monthly active users (MAUs). Founded in 2015, Mohalla Tech has raised over $1.177 billion across eight fundraising rounds to date. Moj currently has an average user time spent of 34 minutes every day, scoring over 4.5 billion views daily. ShareChat is positioned uniquely with an average user time spent of 31 minutes daily. Since January this year, the company has grown to over 2,000 employees and added several new features as it focuses on building its products to be the leader in the Indian short video and social media space. In December, Mohalla Tech raised $266 million as part of its Series G round. "Both our products (Moj and ShareChat) have been leading the market with the highest monthly active user base, a very active creator set and amazing new partnerships to delight our community. This fresh funding will further strengthen our position," said Ankush Sachdeva, CEO and Co-founder, Moj and ShareChat. After the ban on TikTok and other Chinese short-video making apps, the advertisement revenue from Indian short-form space has been growing at a rapid pace and tripled in just six months. According to a latest report by homegrown consulting firm RedSeer Consulting, short-form content has grown 1.37 times in terms of monthly active user (MAU) and 1.1 times in terms of daily active users from June 2020 when Chinese app TikTok was banned in India. The monthly active users of the short-form segment in the country are expected to grow more than two times to reach 650 million users by 2025, clocking the second spot after television. This significant growth is largely expected to be driven by the new 300 million Internet users that will be added by 2025. "Both Josh and Moj apps have seen a good jump in user and creator net promoter score (NPS) largely driven by users seeing more personalisation, fresher and more filtered content, and creators having access to new tools, increased reach and more collaboration opportunities," said the report.

ShareChat to acquire short video platform MX TakaTak for around ₹4,500 crore

The entire list and a brief profile of 'Delhi ke nirmata'⁠— the makers of Delhi felicitated at Kejriwal's oath taking ceremony

You Searched For "mohalla tech funding" and got 3 results

70-plus Indian startups show exit door to 21K techies, more pink slips coming

IANS

ShareChat to acquire short video platform MX TakaTak for around ₹4,500 crore

IANS

The entire list and a brief profile of 'Delhi ke nirmata'⁠— the makers of Delhi felicitated at Kejriwal's oath taking ceremony

BI India Bureau

Popular Keywords

Buying Guides