Startups fired 6,000 in October-December 2022, 4,000 in January 2023 alone
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Startups in India fired about 6,000 employees in October-December 2022 and another 4,000 or so in January 2023 alone, according to a CIEL HR Services study shared exclusively with ET.
With investors tightening their purse strings because of the volatility in the global economy, many unicorns and startups such as Byju, Swiggy, and Ola have slowed down hiring or even resorted to firing employees. However, hiring intent is likely to improve in the next few quarters, according to experts at staffing and recruitment firms including Adecco, CIEL and Careernet.
Startups and e-commerce firms that were on a hiring binge in the second half of 2022 and didn’t apply the necessary brakes are mostly firing people,” said Anshuman Das, co-founder of Careernet.
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