It's not just Facebook, Twitter - Indian tech startups continue to lay off as plump funding disappears
Twitter and Meta Platforms Inc. META aren't the only companies laying off staff; Indian startups have also laid off thousands of workers recently.
According to Indian Startup Layoff Tracker, via Inc42.The trend started earlier this year with funding drying up. This year, seed funding is significantly lower than in the landmark 2021 year, Inc42 said.
See also: How to Buy Facebook Stock
Joining the slew of startups, Bengaluru-based Plum has reportedly laid off 36 employees, or about 10% of its workforce, as part of a cost-cutting exercise in an economic environment uncertain .
This comes days after Byju announced that he would start laying off around 2,500 employees, citing job redundancy and duplication of roles - a reason similar to that which Elon Musk gave by firing Twitter employees.
In the meantime, the company's level of empathy in handling such situations couldn't be much worse than it is. Byju reportedly resorted to unethical means forcing employees to sign pre-drafted resignation letters and hiring bouncers to handle any predicaments as employees were suddenly asked to leave.
Read next: India's New Power Couple, who grew their startup 98% YoY in the past 5 years
Rajiv Talreja, Indian business coach and entrepreneur, who recently went viral for calling Berkshire Hathaway Inc. billionaire Warren Buffett. over-hired employees.
"Most startups lay off because they overhired… They never got jobs for those people they hired. Why did they overhire? – Because of 'excess funding…' tweeted Rajiv Talreja.
Earlier this year, Talreja told Benzinga that India's startup ecosystem was going to see a "major correction".
Find out more Benzinga coverage in Europe and Asia innext < em class="core-block">this link.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Twitter and Meta Platforms Inc. META aren't the only companies laying off staff; Indian startups have also laid off thousands of workers recently.
According to Indian Startup Layoff Tracker, via Inc42.The trend started earlier this year with funding drying up. This year, seed funding is significantly lower than in the landmark 2021 year, Inc42 said.
See also: How to Buy Facebook Stock
Joining the slew of startups, Bengaluru-based Plum has reportedly laid off 36 employees, or about 10% of its workforce, as part of a cost-cutting exercise in an economic environment uncertain .
This comes days after Byju announced that he would start laying off around 2,500 employees, citing job redundancy and duplication of roles - a reason similar to that which Elon Musk gave by firing Twitter employees.
In the meantime, the company's level of empathy in handling such situations couldn't be much worse than it is. Byju reportedly resorted to unethical means forcing employees to sign pre-drafted resignation letters and hiring bouncers to handle any predicaments as employees were suddenly asked to leave.
Read next: India's New Power Couple, who grew their startup 98% YoY in the past 5 years
Rajiv Talreja, Indian business coach and entrepreneur, who recently went viral for calling Berkshire Hathaway Inc. billionaire Warren Buffett. over-hired employees.
"Most startups lay off because they overhired… They never got jobs for those people they hired. Why did they overhire? – Because of 'excess funding…' tweeted Rajiv Talreja.
Earlier this year, Talreja told Benzinga that India's startup ecosystem was going to see a "major correction".
Find out more Benzinga coverage in Europe and Asia innext < em class="core-block">this link.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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