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Highlights

  • Over 27 startups have fired employees in 2022
  • Unicorns layoff employees as cash flow worries emerge
  • Funding runs dry for startups as global liquidity tightens

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Over 10,000 people fired as startup sizzle starts to fade

Gurugram-headquartered social commerce startup CityMall latest addition to the firing squad

Updated: Sep 02, 2022 10:53
|

EJ Biz Desk

Over 10,000 people fired as startup sizzle starts to fade

The startup squad has turned into a firing squad as over 10,000 employees have been laid off by the 'up-and-comers' of India Inc. As per a report by Inc42 more than 10,000 Indian employees working across 27 startups were let go just this year in 2022.

Also read/watch| You could have an e-passport by the end of this year, Thanks to TCS

As the funding winter hits this summer, unicorns such as Vedantu, Cars24, Ola, Meesho, MPL and Unacademy have all laid off employees as they 'restructure'.

In May alone, layoffs by 9 startups were reported impacting 3,379 employees. So far, June has seen layoffs by 10 startups.

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