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Over 60K startup employees stare at job loss as India prepares for 200 unicorns
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IANS | 30 Jun, 2022
As startups in India keep firing their staff to navigate through the
'funding winter' and more than 60,000 can lose their jobs in 2022 alone,
the country is preparing to welcome 200 unicorns in the next four
years.
As thousands more brace themselves for being laid
off, led by edtech and e-commerce platforms, the 'ASK Private Wealth
Hurun India Future Unicorn Index 2022' list highlights that nearly 122
startups from 25 cities are on the path to become unicorns (with a
valuation of $1 billion and above).
The irony is that while
funding still flows in the Indian startup ecosystem, the ratio of laying
off employees is growing exponentially, with lay-off news dominating
the headlines.
Nearly 12,000 startup employees have been shown
the door to date, let by companies like Ola, Blinkit, BYJU's (White Hat
Jr, Toppr), Unacademy, Vedantu, Cars24, Mobile Premier League (MPL),
Lido Learning, Mfine, Trell, farEye, Furlanco and more.
Industry
experts say that at least 50,000 more startup employees are likely to be
thrown out this year alone in the name of "restructuring and cost
management" while certain startups keep receiving millions in fundings.
Even several unicorns have also laid off employees like Ola, Unacademy, Vedantu, Cars24 and Mobile Premier League (MPL).
In
the Hurun report, Anas Rahman Junaid, MD and Chief Researcher, Hurun
India, acknowledged that "there are some concerns in the global economy
that can impact the valuations and capital raising ability of Indian
startups".
"Moreover, some Indian start-ups are also going for
layoffs and cost-cutting measures leading to thoughts of a slowdown in
the ecosystem. We believe that there could be a blip in the growth story
in the short run, but the long-term potential of the Indian start-up
ecosystem remains excellent and resilient," said Junaid.
On
Wednesday, online learning giant BYJU's cut more than 600 jobs -- asking
over 300 employees at its Toppr learning platform and another 300 at
coding platform WhiteHat Jr to go.
The layoffs come as the edtech
sector has been hammered by the global macroeconomic conditions and
reopening of schools, colleges and physical tuition centres.
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