Delhi, 22 December (HS): The Indian startup sector has been facing a major setback in terms of job losses, with over 35,000 people losing their jobs in the last two years. This trend is expected to continue into 2024, as more and more startups are resorting to job cuts to sustain their business.
In 2022, around 18,000 employees were laid off from various startups, including big players like BYJU?S, Ola, and Unacademy. The trend continued in 2023 with over 17,000 job losses already recorded. ShareChat, a popular social media platform, recently announced the layoff of 200 employees as part of its strategic restructuring.
Other startups like Loco and Adda247 have also laid off a significant number of employees. This trend is not just limited to edtech companies, as even game streaming platform Loco has had to let go of a third of its workforce. The acquisition of UPSC-focused edtech platform StudyIQ by Adda247 also resulted in the layoff of around 100-150 employees. This worrying trend highlights the challenges faced by Indian startups and the need for sustainable growth strategies in the future.