Over 25,000 layoffs by Indian startups in a year and a half

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Mumbai, dt. 21

The number of layoffs among Indian start-ups since early 2022 has crossed 25,000 as a result of cost-cutting measures undertaken by new-age tech start-ups due to lack of funding.

From the beginning of 2022 till now, i.e. in the last year and a half, 94 startups have retrenched 25805 employees. Startups are cutting headcount as part of a bid to sustain profitability by cutting costs, a report said.

The number of layoffs could be even higher, as many startups do not disclose layoff numbers.

If 2022 was a bad year in terms of funding for startups, the current year is likely to be even worse. 2023 is seeing a decrease in the amount of funds.

There has been a continuous decline in the investment of private equity and venture capital (PE/VC) funds in the country in May. In May, PE/VC investment in value terms fell 44 percent year-on-year to $3.50 billion.

Another report said that investment in the tech sector in India is slowing and the amount of funding raised by startups has also decreased.

Job openings in startups are also lower than last year. If the funding crunch continues, the number of layoffs could reach 40,000 to 50,000 by the end of the current year. So far in 2023, 45 startups are reported to have laid off around 7450 employees.

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