Startups fire 9,400 employees between January- March, more cuts coming

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Startups fire 9,400 employees between January- March, more cuts coming

As the funding winter continues, startups laid off about 9,400 employees in the January-March period, according to data from hiring firm Careernet shared exclusively with ET.Edtech firms Byju’s, Unacademy, social media firms shareChat, apartment-management startup MyGate and car-servicing startup GoMechanic were among the companies that fired a significant chunk of their team, the report said. About 70% of all startups laid off 100-300 people each in the quarter. This include the likes of instant delivery services provider Dunzo, healthtech software-as-a-service(SaaS) startup Innovaccer and ride-hailing major Ola among others.
While layoffs are expected to continue, hires in senior roles were also down by around 80% in the March quarter compared with the same period last year according to Careernet.