Jun 2, 2022
By: BI India BureauIndian tech startups are expected to have kickstarted the great firing season as investors’ pockets tighten and the flow of capital decreases. In the month of May alone, WhiteHat Jr, Vedantu and Unacademy let go 3,239 people.
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Over 1,000 WhiteHat Jr employees resigned from the Byju’s-owned edtech startup after the company asked them to work from office, according to a report by Inc42.
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Bengaluru-based edtech firm Vedantu laid off 642 people in the month of May in anticipation of a slowdown in funding across the industry.
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Used car marketplace Cars24 — which was valued at $3.3 billion last year — laid off more than 600 employees, calling it usual performance-linked exits.
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Healthtech startup MFine laid off close 600 employees — about 75 percent of its workforce — citing financial difficulties.
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Indiabulls' social commerce platform Yaari has reportedly laid off nearly 150 employees, representing 60 percent of its workforce.
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Edtech startup FrontRow laid off 145 employees — about 30 percent of its workforce — in order to increase its runway.
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Gaming unicorn Mobile Premier League (MPL) has laid off over 100 employees — about 10 percent of its workforce — due to the slowdown in funding. It also decided to exit the Indonesian market.
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Amidst the serious differences between the founders — Manish Maheshwari and Tanay Pratap — Invact Metaversity laid off 20 out of the 30 employees working in the Bengaluru office.
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