Layoff 2023: Wattpad, upGrad continue job cut amid different sectors due to economic conditions

Layoff spree continues amid different sectors, Canada-based storytelling platform Wattpad and online education company upGrad has announced layoff amid challenging economic conditions. 

Wattpad layoff:
In light of the current economic climate, Wattpad has announced that it will reduce its headcount by 42 employees, or approximately 15% of its total workforce of 267.

“As you all know, the global economic reality over the past year has fundamentally changed — and like other businesses, we are not immune. We’ve made the difficult but necessary decision to reduce our workforce. Of the 267 amazing people who work for Wattpad, 42 will be leaving the company,” Wattpad Interim President KB Nam writes in a Blogpost. 

The company also stated that it will give the departing staff at least 12 weeks of severance pay and six months of continuous benefits, as well as the freedom to keep their laptops and other property.

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upGrad layoff:
Around 30% of the staff at upGrad's subsidiary "Campus" were laid off. Leading startup news site Entrackr cites sources to claim that a dearth of VC funding has led to layoffs in the startup ecosystem, particularly in late-stage companies. Also, this is the second layoff at a business owned by upGrad.

According to the report, 30% of the employees of Harappa Education, which upGrad acquired for Rs 300 crore in July 2022, were let go in January, affecting close to 60 people.