Over 22K techies lose jobs in US, more than 12K in Indian startups
Published By : Prameya News Bureau | July 03, 2022 IST
Share
New Delhi, July 3 (IANS) As the tech and startup sector gets hammered by economic meltdown, more that 22,000 workers in the sector have lost jobs in 2022, along with more than 12,000 in the Indian startup ecosystem. Startups, especially the ones who benefited from a pandemic boom, are feeling the pressure as valuations, particularly at the late stage, have started to dip, according to Crunchbase. Startups now say it is much more difficult to raise new funding in this gloomy environment. Globally, companies like Netflix, financial services company Robinhood and several crypto platforms have tripped their workforce. In the world of crypto that has been battered by the economic headwinds, crypto exchanges and firms including Coinbase, Gemini, crypto.com, Vauld, Bybit, Bitpanda and others announced to downsize their workforce. Pokemon GO game developer Niantic has asked eight per cent of its workforce to leave the company, which is said to be around 85-90 people. Elon Musk-run Tesla has cut 10 per cent of its salaried workforce. As startups in India keep firing their staff to navigate through the 'funding winter', the country may see more than 60,000 job losses in 2022 alone, led by edtech and e-commerce platforms. Nearly 12,000 startup employees have been shown the door to date, let by companies like Ola, Blinkit, BYJU's (White Hat Jr, Toppr), Unacademy, Vedantu, Cars24, Mobile Premier League (MPL), Lido Learning, Mfine, Trell, farEye, Furlanco and more. Industry experts say that at least 50,000 more startup employees are likely to be thrown out this year alone in the name of "restructuring and cost management" while certain startups keep receiving millions in fundings. Even several unicorns have also laid off employees like Ola, Unacademy, Vedantu, Cars24 and Mobile Premier League (MPL).
News7 Is Now On WhatsApp Join And Get Latest News Updates Delivered To You Via WhatsApp
You Might Also Like
More From Related News
Sensex crosses 74K mark in 1000 points rally
Kia unveils K4 compact sedan in US ahead of launch
realme 12x 5G: Pioneering 5G experience under Rs 12K
Adani Ports acquires Gopalpur Port in Odisha for Rs 3,080 crore
MCL becomes first ever company to achieve 200 MT coal production
Over $447 million in funding raised by 22 Indian startups last week
Naveen Jindal takes charge as President of Indian Steel Association
Maruti Suzuki acquires stake in homegrown AI startup Amlgo Labs
Will work to create advanced chip design facility in TN: Zoho's Sridhar Vembu
RBI issues new rules for self-regulatory organisations of banks, NBFCs
Startup Mahakumbh: Rise of entrepreneurs from tier 2, 3 cities big boost to ecosystem
Agency Banks to remain open during Annual Closing on March 31, Sunday: RBI
India records 5.9 pc mineral production increase in January
India now home to over 150 two-wheeler EV startups
Tata Chemicals shares plunge more than 8 per cent
Witnessed 100 pc surge in online business for academic year 2024-25: Physics Wallah
Narayana Murthy gifts Infosys stock worth over Rs 240 crore to 4-month-old grandson
India can create more jobs in esports, game development: CII
Centre to soon have dedicated policy to nurture deeptech startup ecosystem
Adani Group to invest Rs 1.2 lakh crore in FY25 in next phase of growth