16 startups have laid off 100 percent employees in 2023 so far – 3 of them in India

Mar 23, 2023

By: Rounak Jain

16 startups lay off 100 percent employees

Amid a liquidity crunch, sixteen startups laid off 100 percent of their employees in 2023 so far. Three of these startups were Indian, according to data from Layoffs.fyi.

Credit: Canva

WeTrade

The crypto winter claimed WeTrade as a casualty this year, with the Bengaluru-based company shutting down its operations and disabling its trading platform in January.

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Fipola

This Chennai-based direct-to-consumer meat brand ceased operations in February after failing to raise funds. It had 65 stores across multiple cities and had plans to expand its presence to 250 cities this year.

Credit: Fipola

DUX Education

This Bengaluru-based edtech startup shut its operations at the end of March amid a funding crunch.

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Two categories witnessed the most layoffs

Six out of the sixteen companies which have laid off all their employees are from two categories, transportation and finance – three companies each in both the categories.

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Crypto, education and healthcare categories next in line

Crypto, education and healthcare categories witnessed two companies laying off all their employees. Two of the three Indian companies are from these categories.

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Half of the companies based out of US alone

Eight out of the sixteen companies which have laid off all their employees in 2023 are from the US alone. India is second in the list with three companies, followed by Australia with two companies.

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Over 500 companies announced layoffs this year

In 2023 so far, 515 companies have laid off employees this year in 82 days. In contrast, the full year of 2022 witnessed 1,052 companies announcing layoffs.

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Nearly 1.53 lakh employees laid off

These 515 companies have laid off nearly 1.53 lakh employees – that’s an average of 1,864 employees being laid off every day in 2023 so far, as against 442 layoffs per day last year.

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Average layoffs per company doubled in 2023

The average employees laid off per company have nearly doubled in 2023 to 297, from 153 last year.

Credit: Canva

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