Media reports suggest that there are significant job reductions at starts up including Yaari, Swvl and MPL.
Indiabulls’ social commerce platform Yaari has reportedly laid off nearly 150 employees which makes 60 percent of its workforce.
Yaari is likely to be merged with another Indiabulls-backed entity called Dhani, which is an ecommerce platform, according to a report in startup news portal Inc42.
The layoffs were across supply support, customer support, business development and marketing verticals.
Yaari is a social commerce marketplace for customised consumer products.
Mass transit solutions provider Swvl announced to reduce its headcount by approximately 32 percent to enhance efficiency and cut central costs to turn cash flow positive in 2023, as economic downturn hits companies and tech startups worldwide.
The Dubai-headquartered mobility startup has over 1,330 employees and will be laying off 32 percent of its workforce means that over 400 people will lose their jobs.
“Such reductions will focus on roles which have been automated by investments in the company’s engineering and product and support functions,” Swvl said in a news statement.
Mobile Premier League
Online gaming platform Mobile Premier League (MPL) is laying off 100 employees and exiting the Indonesia market over poor growth.
The current business metrics do not justify investments into this unit, according to an internal email sent by MPL co-founders Sai Srinivas and Shubh Malhotra.
MPL hosts hundreds of millions of tournaments a month and is trusted by over 90 million registered users across India, Indonesia, Europe and the US.
MPL is the world’s leading mobile eSports platform that allows users to participate in paid competitions across 60+ games in multiple categories, including mobile games, daily fantasy sports, quizzing, and board games.
The news comes as more than 15,000 workers have lost jobs in the tech sector in the US in May alone, while more than 7,000 employees have been fired by the Indian startups to date, as they navigate global macro-economic factors.
Companies such as Klarna, Getir, Gorillas and Bolt have fired some of their workforce.
Since March 2020 when the Covid-19 pandemic started, 1.25 lakh employees have been laid off by around 718 startups globally.