5 companies that fired employees in 2017

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Startups are going through a tough time. They are in news for all the wrong reasons, especially because they have been on a firing spree since the year 2017 has begun.

As investors are tightening their purse strings and startups are now focussing on revamping operations and making profits, startups are targeting employees and cutting the workforce.

In 2017, many small businesses such as YepMe, Craftsvilla, etc have been giving their employees nightmares, who are worrying over pink slips.

The scenario at India’s third online marketplace Snapdeal is also not good as it has fired over 600 employees so far.

The companies are looking to trim costs and employees are staring at job cuts.

Here are 5 companies that have massively laid-off employees

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1. Snapdeal

1. Snapdeal
Snapdeal has been in news for a long time now. The co-founders also warned their employees of tough times. So far, it has handed pink slips to over 1,000 employees. It is expected it will downsize its staff even more.

2. LeEco

2. LeEco
The Chinese smartphone maker has been trying hard to make its presence feel in the Indian market. Even though it has denied, several reports suggest LeEco is exiting India, cutting down 85% of its staff. LeEco CEO Jia Yueting, in a letter to his employees in 2016, had said they are facing acute cash crunch. Well, there is no smoke without fire.

3. YepMe

3. YepMe
Funds are also drying up at YepMe. The fashion portal is said to have reduced its headcount by at least 80%. As per a report, employees are complaining of delayed salaries, and customers are vexed over no refund on order returns.

4. PropTiger

4. PropTiger
After its merger with Housing.com, online realty portal PropTiger.com laid off at least 200 employees.

5. StayZilla

5. StayZilla
Homestay startup StayZilla has decided to shut its operations. At least 200 employees have been asked to leave.
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