The list of layoff employees is growing
Since the funding winter began last year, around 27,000 tech employees at Indian startups have lost their jobs, and this number continues to grow. Data from startup news portal Inc42 reveals that 98 startups, including unicorns in the edtech sector, have laid off 26,868 employees. Specifically, 22 edtech startups have cut 9,781 jobs.
In the first five months of 2023 alone, approximately 8,000 professionals were laid off by nearly 50 startups in India. Airmeet, a homegrown virtual events platform, let go of about 30% of its workforce, which amounted to around 75 professionals. Happay, a corporate expense management platform owned by CRED, reduced its workforce by nearly 35% as part of a restructuring exercise.
Another tech startup, Teachmint, carried out its second round of job cuts, laying off over 70 employees, following an earlier round of layoffs that affected about 45 workers. Chennai-based ed-tech startup Skill-Lync also implemented layoffs as it consolidated operations across Chennai, Bengaluru, and Hyderabad due to global macroeconomic conditions.
Globally, 2023 has been a particularly challenging year for tech professionals, with nearly 200,000 individuals in the tech sector losing their jobs. Major companies like Meta, BT, and Vodafone, among others, have announced plans for further layoffs in the coming months. According to data from layoffs tracking site Layoffs. Around 695 tech companies have already laid off approximately 198,000 employees this year.