The recent announcements from some of the top startups in India indicate that thousands of employees have either lost jobs or are on the verge of being sacked amid slow growth, IANS reported.
Rating agency Fitch slashed India’s economy growth forecast for the current fiscal to 8.5 percent from 10.3 percent.
Several startups are facing slow growth, according to media reports.
Meesho, a leading social commerce platform, has laid off nearly 150 employees, mostly from its grocery division superstore called Farmiso, as it plans to merge its online grocery vertical with the main app.
Meesho had sacked more than 200 employees in the first wave of the pandemic.
Unacademy, one of the leading edtech platforms, laid off nearly 600 employees, contractual workers and educators — about 10 percent of its 6,000-strong workforce across the group.
Unacademy said that it ensured that those who were asked to go receive certain additional benefits and a generous severance.
In March, furniture rental startup Furlenco laid off nearly 180-200 employees, mostly from the customer support roles.
Trell, a social commerce platform, asked nearly 300 employees to go, which is close to half of its workforce.
Lido Learning, edtech startup, shut operations in February, impacting the job of nearly 1,000 employees in India. Lido Learning is backed by entrepreneur Ronnie Screwvala. Lido Learning shut operations and sent email notices to its employees.
OkCredit, bookkeeping startup, asked nearly 35-40 employees to go across functions.
The current lay-off season will grow as the country has reopened with retail stores and malls registering heavy footfall, leaving digital-only platforms bracing for a tough summer ahead.