Tech Layoffs: Over 100 Indian Startups and Tech Companies Lay Off Total 16,398 Employees This Year Due to 72% Startup Funding Decline, Says Report
Tech companies and Indian startup firms lay off reportedly 16,398 employees in 2023 due to 72% funding decline. From tech giants like Paytm and BYJU's to startups like Dunzo, here is the comprehensive list of layoffs in startup tech companies in 2023.
Mumbai, December 26: In 2023, many Indian startup companies and tech giants laid off thousands of employees due to several reasons. This year, the companies cut their workforce for cutting costs and adopting AI automation. Amid the wave of worldwide layoffs, many Indian startups and renowned tech companies laid off reportedly 16,398 employees.
According to the reports, this year saw BYJU, Paytm, Swiggy, and JioMart laying off thousands of employees, joining the wave of global layoffs in 2023. Fintech major Paytm reduced its workforce to adopt automation and AI, while the Edtech major BYJU cut the workforce for different reason. Besides these giant companies, many Indian tech startups cut significant workforce in 2023 due to market, AI adoption, and other reasons. Layoffs 2023 in December: More Than 4.25 Lakh Tech Employees Lose Their Jobs This Year as Google, Paytm, BYJU’s and More Continue Layoffs During Holidays, Says Report.
Layoffs at Indian Startups and Tech Companies in 2023
In 2023, the employees were cut from Mumbai, Hyderabad, Delhi NCR, Pune, Bengaluru, Chennai, and other locations across India. According to the report by Financial Express, the following tech giants laid off over a thousand employees this year,
- Paytm - 1,000 employees
- BYJU's - 2,500 employees
- JIoMart - 1,000 employees
- Swiggy laid around 380 employees
Besides these famous companies, the following startups or growing companies sacked the following employees. Jobs Coming? India’s Job Market To See Rise in Demand, 3.9 Million Frontline Roles Projected in H1FY24 Amid Economic Challenges, Says Report.
- Dunzo - 300 employees
- Meesho - 251 employees
- Skill Lync - 600 employees
- Milkbasket - 400 employees
- Spinny - 300 employees
- ShareChat - 700 employees
- Pristyn - 300 employees
- Ola - 200 employees
- 1K Kirana - 600 employees
- Adda247 - 300 employees
- MPL - 350 employees
- WayCool - 300 employees
According to the Financial Express's report, the Indian tech startup ecosystem had a 72% funding decline in 2023. Till December 5, 2023, the report cited that the funding decline was $7 billion compared to $25 billion in 2022. According to the report, the funding has been the "lowest" in the last five years. Following the decline, India reportedly dropped to the fifth place among the "highest-funded geographies globally in 2023" from its early position in fourth place, following the Q4's lowest recorded-funding of $957 million. As per the report, the funding is the lowest since Q3 2016.
(The above story first appeared on LatestLY on Dec 26, 2023 07:32 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).