India layoffs: It’s been almost a year since financing winter began to impact companies’ capacity to keep up with their pandemic-growth story. Many of them have resorted to retrenchments as a result of being compelled to make do with less.
This fiscal year has also begun poorly, with approximately 5,000 employees losing their employment, the majority of whom work at startups. A variety of factors, including the necessity for larger businesses to go public, regulatory concerns, and other issues, have forced enterprises to lay off employees leading to the increase in number of India layoffs.
India layoffs – Startup layoffs
So far in FY24, as many as 4,986 people have lost their jobs, with almost half of them residing in Bangalore. Furthermore, according to Layoffs statistics, 16 of the 23 companies on the list of layoffs are from India’s startup region.
This fiscal year, India’s most valuable startup and the country’s top retailer laid off a substantial number of employees. BYJU fired off 1,000 staff in June, citing factors ranging from consumer screen fatigue to financial difficulties that prompted the business to file a lawsuit against one of its lenders in the United States. It also lay off 2,500 people in October of last year as it streamlined operations across the numerous platforms it bought the previous year.
India layoffs – Bengaluru companies reduced hiring
Aside from the economic slump, which is prompting businesses to slash costs, technology disruption is also causing job losses. This trend has also influenced hiring in India. According to the foundit Insights Tracker (fIT), hiring is down 7% in June compared to the same period last year.
On a month-to-month basis, hiring slowed by 4% in June. However, major metros, including Delhi/NCR, Mumbai, Pune, and Hyderabad, showed large YoY decreases ranging from 9-16%, highlighting the problems in these areas’ job markets.
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