With a widespread funding slowdown taking hold of the business ecosystem, Indian startups are funding it distinctly challenging to raise funds, increase their runways, and move focus from growth to managing costs. With investors clamoring for cash burn to be reduced, and without a clear path to immediate profitability, startups have resorted to trimming their workforce. Byju’s alone laid o more than 2500 employees across Whitehat Jr. and Toppr, although the edtech unicorn has since claimed that these layoffs number less than 500, a figure contested by employees.
Even so, the numbers make for grim reading. According to Inc42’s Indian Startup Layoff Tracker, more than 12,083 startup employees being laid off by 39 startups in 2022 so far.