Although India may not be that deeply impacted by the impending global recession, India's startup and tech companies are laying people off in thousands. Since the beginning of calendar year 2023, Indian startups and tech companies have laid off at least 12,000 people.
Over the last few weeks, tens of thousands of tech workers and startup have been laid off around the world. Over-hiring, cost concerns, and finance issues have generated new hurdles for businesses as the globe exits from the epidemic period. Layoffs began last year and have only risen since the beginning of 2023.
According to current forecasts, around 20,000 job layoffs are likely over the next six months, with some job profiles being particularly vulnerable. India has also borne the impact of these cutbacks. The layoff season in India began in 2023, with Amazon India laying off 1000 people.
Layoffs are a worldwide phenomenon, and India clearly is no exception. Many homegrown startups and businesses have also laid off thousands of employees. These include ed-tech major Byju’s, Unacademy, Vedantu, Swiggy, Ola, to name a few.
The following Indian tech companies and startups have laid off over 10,000 employees collectively.
Tech layoffs to continue through 2023
Indeed, a job platform, has also laid off a considerable number of people. The US-based employment website announced that it will be cutting thousands of jobs. The job search site let off 2,200 people, accounting for 15% of its staff, becoming the latest company to undertake huge layoffs.
Meanwhile, Accenture, an IT services and consulting firm, announced a massive number of job cuts on Thursday. Accenture, a worldwide IT services business with a substantial presence in India, stated on Thursday that it will lay off approximately 19,000 people due to adverse global macroeconomic circumstances and weak revenue growth.
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