The once-booming startup ecosystem in India is facing a much more severe job crisis than expected. According to staffing firms and headhunters, lay-offs at new-age businesses are estimated to be at least three times higher than publicly disclosed.
In the past 24 months alone, more than 1,400 companies have handed out pink slips to around 91,000 employees. Factoring in concealed lay-offs, an indirect way of reducing the headcount, the figure may have touched 120,000, data from tech-focused hiring firm TopHire shows.
Prominent firms, including unicorns or startups valued at $1 billion or more such as Byju’s, Unacademy, Blinkit, Meesho, Vedantu, Oyo, Ola, Cars24, and Udaan downsized their teams.
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