Indian startups: over 22,000 tech workers lose their jobs in the US, over 12,000 in Indian startups

As the tech and start-up sector suffers from economic crisisover 22,000 workers in the sector lost their jobs in 2022, as well as over 12,000 in the Indian startup ecosystem.

Startups, especially those that have benefited from the pandemic boom, are under pressure as valuations, especially late-stage ones, have begun to fall, according to Crunchbase.

Now, startups are saying that in such a bleak environment, it’s much harder to raise new funding.

globally,
companies like Netflixfinancial company Robinhood and several crypto platforms have reduced their workforce.

In a world of crypto that has been hit by economic headwinds, crypto exchanges and firms
including CoinbaseGemini, crypto.com, Vauld, Bybit, Bitpanda and others have announced layoffs.

Pokemon GO game developer Niantic has asked eight percent of its employees to leave the company, which is said to be around 85-90 people.

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Elon Musk-running
Tesla cut 10% his
hired labor force.

As startups in India continue to lay off their employees,winter financing‘, more than 60,000 jobs could be lost in the country in 2022 alone, led by education technology and e-commerce platforms.

To date, almost 12,000 startup employees have been hired thanks to companies such as Ola, Blinkit,
BYJU’s (White Hat Jr., Toppr),
Unacademy,
Vedanta,
Cars24,
Mobile Premier League (MPL),
Lido TrainingM OK,
TrellfarEye, Furlanco and others.

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Industry experts say at least 50,000 more startup employees are likely to be laid off this year alone in the name of “restructuring and cost management,” while some startups continue to receive millions of funds.

Even a few unicorns have laid off employees such as Ola, Unacademy, Vedantu, Cars24 and Mobile Premier League (MPL).

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