12,000 employees shown the door by Indian startups this year, 50,000 more at risk

12,000 employees with Indian startups have lost their jobs this year amid the ongoing economic turmoil, with industry experts predicting up to 50,000 more casualties before 2022 ends.

Several top companies including the likes of Ola, Blinkit, BYJU`s (White Hat Jr, Toppr), Unacademy, Vedantu, Cars24, Mobile Premier League (MPL), Lido Learning, Mfine, Trell, farEye, and Furlenco have laid off employees in what has being called as a ‘funding winter’.

Experts suggest that over 60,000 jobs will be lost this year alone. The major casualties are likely to come from edtech and e-commerce companies.

Companies have been laying off scores of people recently is what is explained as “restructuring and cost management”. Startups are claiming that getting new funding has become increasingly difficult in the tough economic environment.

Startups have also been feeling the stress when it comes to their valuations, data on Crunchbase shows.

The trend is being resonated globally. Over 22,000 techies lost their jobs in the US this year. Companies that have laid off employees include Netflix, Robinhood, crypto firms Coinbase, Gemini, crypto.com, Vauld, Bybit, Bitpanda, Pokemon GO game developer Niantic, and Elon Musk-run Tesla has cut 10 per cent of its salaried workforce.

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(With inputs from IANS)