Indian start-ups have laid off around 9,400 employees between January and March this year due to the continuing slowdown in the tech sector.
2
Funding plummets
Start-up funding in India has decreased by 71.6% YoY, with start-ups raising only $3.4 billion between January and March, leading to cost-cutting measures.
3
100-300 fired
Indian tech start-ups, including BYJU'S, Unacademy, Swiggy, and Ola, cut costs by firing employees. 70% of start-ups fired 100-300 staff each in Q1.
4
Hiring declines
Start-ups have seen an 80% YoY decline in senior-level hiring in Q1, with edtech and e-commerce start-ups recording a 93% and 90% dip, respectively.
5
Late-stage cut-down
Recessionary fears have led to a cut down in late-stage funding, affecting hirings in India. The situation might persist for the next two quarters.