Startups laid off more than 8000 employees in India
Some of the popular start-ups in India, including Unacademy, Cars24, Vedanta, Meesho, Trell, Furlenco and many others let go of over 5000 employees in India and the firings will continue across the startup industry in India.
The reason behind the mass firings is unknown, but one reason that is common is cost-cutting as the funding has slowed down and the startups are unable to handle the investor pressure.
Ola has laid off close to 2100 employees in the first quarter of 2022, followed by Unacademy with 926 layoffs, Vedantu has laid off more than 600 employees whereas Cars24 has laid off around 600 employees.
Meesho, an e-commerce platform, recently clocked 100 million users and registered a 6 lakh sales base. However, Meesho laid off close to 150 employees in a fresh round of layoffs. Meesho cited restructuring as the reason behind the layoffs but said that the company will offer severance packages and outplacement assistance.
Used car marketplace Cars24 fired over 6 percent of its workforce, which accounts for over 600 employees. The employees were fired in roles and positions. The company did not reveal the exact cause behind removing so many employees but said that it is business as usual performance-linked exits that happen every year.
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