Article: Byju’s to Dunzo: A list of startups that laid off their employees


Byju’s to Dunzo: A list of startups that laid off their employees

Airlift, Blinkit, Byju's, CarDekho, Cars24, Cazoo, Chipper Cash, ClickUp, Culture Amp, Cerebral, Cogito, Chingari, and numerous other startups underwent employee layoffs.
Byju’s to Dunzo: A list of startups that laid off their employees

The Indian startup job market is in a state of alarm, witnessing a continuous decline in funding, leading to significant disruption. Starting from 2022's funding winter, an estimated 20,000 employees have faced job losses in around 70 to 100 Indian startups.

The edtech sector has been hit hardest, experiencing the highest number of layoffs, followed by consumer services and ecommerce. As the startup ecosystem navigates through this challenging funding winter and the subsequent slowdown, People Matters compiled a list of startups that had to let go of their employees.

1. Airlift

In July 2022, the news of Airlift, Pakistan's most valued startup, shutting down sent shockwaves through the country's startup ecosystem. The instant delivery company had secured a massive $85 million funding round in 2021, marking the largest funding accomplishment for any Pakistani company at that time. 

However, a year later, investors withdrew their support, leading to the unfortunate outcome. As a result, hundreds of corporate employees and thousands of warehouse workers and delivery drivers lost their jobs.

2. Blinkit 

Quick commerce startup Blinkit carried out employee layoffs in cities such as Mumbai, Hyderabad, and Kolkata. Approximately 5% of Blinkit's total workforce, which equated to around 1,600 individuals, including riders, pickers, and store managers, were affected by these job cuts. 

The layoffs occurred shortly after Zomato's investment of $150 million in the financially struggling company, which had also obtained a $10 million loan from Innoven Capital.

3. Byju's

Byju's persisted in carrying out employee layoffs as a part of their cost-cutting measures. Recently, the edtech company had to let go of approximately 1,000 employees. Over the past year, Byju's had already executed two separate rounds of job cuts, resulting in more than 3,000 job losses. 

The latest round of job cuts marked the fourth in the last 12 months, leading to around 12,000 to 13,000 Byju's staff members losing their jobs, according to three individuals familiar with the situation. The layoffs had a significant impact on middle and senior employees across various levels within the company, as mentioned by one of the sources.

4. CarDekho

CarDekho made the decision to prioritise profitability, which led to employee layoffs across junior and mid-senior levels within the used-car marketplace. Three anonymous sources revealed this information to BusinessLine. Though the exact number of impacted employees at CarDekho could not be confirmed, the majority of the job cuts affected roles such as retail associates and inspection engineers.

5. Cars24

Cars24 took action to address poor performance and fired 600 employees. The layoffs were initiated as a cost-cutting measure, and the company clarified that the impacted employees were let go due to their inadequate performance. 

During that time, Cars24 also experienced high-profile departures, with the Global Chief Technology Officer, Jitendra Agrawal, and the Business Head, Kingshuk Sanyal, stepping down from their positions to pursue other opportunities.

6. Cazoo

London-based used car marketplace Cazoo made a significant announcement stating that it would completely withdraw from the European Union, limiting its operations solely to the UK. As a consequence of this decision, the company confirmed that 750 employees would lose their jobs. 

This round of layoffs came after another 750 job cuts announced in June, resulting in a total of 1,500 people departing from the company in 2022, which accounted for 30% of its workforce. It was clarified to Sifted that the latest layoffs were in addition to the earlier round of job losses.

7. Chipper Cash

African cross-border payments platform Chipper Cash carried out a second round of layoffs in February, merely 10 weeks after its initial job cuts, which had impacted approximately 12.5% of its workforce. During this second round of layoffs, the engineering team was particularly affected by the job cuts.

8. ClickUp

Project management platform ClickUp conducted layoffs, resulting in 7% of its workforce, approximately 60 employees out of around 860, losing their jobs. This decision came shortly after the tech startup moved into its new headquarters in downtown San Diego in October. 

Interestingly, ClickUp's valuation had soared to $4 billion after securing $400 million in a Series C funding round. Founded in 2016 by CEO Zeb Evans and Alex Yurkowski, ClickUp had experienced substantial growth. However, the layoffs occurred amidst a broader trend, with Europe-based tech startups Klarna and Gorillas also recently announcing their own job cuts.

9. Culture Amp 

Melbourne-based software firm, Culture Amp, saw approximately 90 employees leave the company, following the lead of other tech companies like Atlassian and Mr Yum, which had also implemented job cuts. The layoffs amounted to around 9% of Culture Amp's total workforce, which was approximately 1,000 employees. 

10. Cerebral 

Telehealth startup Cerebral announced on Monday that it was reducing its workforce by approximately 15%. This decision came after a year of heightened scrutiny and federal investigations into its prescribing practices. 

Earlier in the day, Business Insider had reported that the company, which offered mental health services through its telehealth platform, would be laying off 285 employees in its third round of job cuts within a year.

11. Cogito 

Automation startup Cogito, with offices in New York and Delhi NCR, terminated 177 employees after the project they were working on got canceled. This decision resulted in protests by the affected employees, who alleged that they were not paid any remuneration before being laid off. 

Cogito's Chief Technology Officer (CTO), Rohit Agrawal, explained to Inc42 that the layoffs occurred because one of their clients decided to abruptly scale down their operations due to the prevailing market conditions. Consequently, the 177 employees who were working on that particular project were let go.

12. Chingari 

Chingari, an Indian startup, underwent job cuts as part of its organizational restructuring. The layoffs affected approximately 20% of the company's workforce. In a statement to the news agency IANS, the company's spokesperson expressed that these layoffs were one of the most challenging decisions for the management, understanding the significant impact they had on their employees.

13. Dunzo 

Quick-commerce player Dunzo revealed plans for another round of layoffs during an all-hands meeting held on the evening of July 19. The company's co-founder and CTO, Mukund Jha, informed employees that the size of the layoffs would be determined within that week. This upcoming round of layoffs marked Dunzo's third within the last seven months, reflecting the challenging situation the company was facing due to mounting troubles related to cashflow issues.

14. Dukaan 

Dukaan, a DIY platform empowering merchants to create their own e-commerce stores without programming experience, made an announcement about significant layoffs. The company decided to lay off 90% of their support staff following the implementation of an AI chatbot to handle customer support queries. 

Suumit Shah, the founder and CEO of Dukaan, shared this update through a Twitter post, highlighting the positive impact of the AI chatbot. He explained that the introduction of Dukaan's own AI assistant resulted in a significant reduction in query resolution time, from an average of 2 hours and 13 minutes down to just 3 minutes and 12 seconds.

15. Doubtnut

In the past year, edtech platform Doubtnut reportedly underwent a workforce reduction while exploring potential acquisition opportunities. Co-founder Tanushree Nagori confirmed that the rationalization of the workforce had occurred six months ago and dismissed any rumors of an acquisition. 

The Gurugram-based startup faced challenges in securing new funding, prompting them to explore acquisition deals with various companies. According to a report by Entrackr, Doubtnut reduced its workforce by approximately 30-40%. The same report indicated that potential acquirers were discouraged by high burn rates and low revenue, resulting in a lack of interest in the edtech platform.

16. Dapper Labs

Dapper Labs, a technology firm and creator of Nonfungible tokens (NFTs), made an announcement about its third round of staff layoffs within a year. On July 13, the CEO of Dapper Labs, Roham Gharegozlou, shared that the company had to say farewell to "51 brilliant colleagues and friends." The latest round of cuts affected both full-time staff and C1 contractors, as mentioned in a note sent to employees.

17. Drip Capital

In November of last year, trade financing startup Drip Capital carried out a restructuring exercise, resulting in the layoff of approximately 20% of its 400-member workforce, as reported by sources to Inc42. The retrenchments primarily impacted the tech, engineering, and sales departments. 

The sources indicated that the startup did not provide a clear reason for the layoffs. When Inc42 sought a response from the company regarding the matter, Drip Capital declined to comment. It was during a town hall meeting with all employees in mid-November last year that CEO Pushkar Mukewar reportedly announced the business restructuring plan.

18. Euler Motors

EV manufacturer Euler Motors has laid off 10% of its employees across departments citing restructuring. While the company’s LinkedIn page shows around 500 employees, taking the number of impacted employees to 50, an Inc42 source said the number was between 180 and 200.

“We are restructuring our company to better deliver to customers as well as to investor expectations of greater efficiency in the context of changing global circumstances,” said a company spokesperson in a statement on Monday (April 10).

19. Extramarks

Edtech platform Extramarks reportedly conducted a restructuring exercise that resulted in over 300 employee layoffs, according to sources informed Inc42. The company decided to shut down its B2C (business-to-consumer) vertical, leading to most of the job cuts being from this department. 

However, employees from sales, customer support, HR, marketing, tech, and content teams were also affected by the layoffs. Despite discontinuing onboarding new students for its B2C vertical, Extramarks will continue to offer its services to existing students.

20. Grab

In June, Grab made a significant announcement about reducing its workforce by over 1,000 employees. The company's CEO, Anthony Tan, communicated this decision to the employees through an email, informing them about the latest round of layoffs. 

Grab's move to downsize its workforce comes as part of its efforts to manage costs efficiently and restructure its operations. This strategic response was driven by the highly competitive nature of the industry in which Grab operates.

21. Glamyo 

According to a police complaint cited in a report by YourStory, Glamyo Health allegedly terminated employees without any prior notice or clarity on their final salary settlements. The complaint was filed by an employee at Barakhamba Road police station in New Delhi. The complaint also stated that the company had been repeatedly delaying salary payments over the past few months.

The report mentioned that approximately 50 employees were let go in the last two months as part of cost-cutting and loss-containment measures. However, a former employee quoted in the report claimed that almost all employees were asked to leave in the last two days without receiving any information regarding severance, salaries, or the reasons behind the abrupt layoffs.

22. Happay

Happay, a business expense management solutions provider that was acquired by Kunal Shah's CRED in 2021, reportedly conducted a restructuring exercise last week, resulting in the layoff of over 150 employees, as per sources informed to Business Today. The job cuts affected various roles across the product, operations, and marketing teams within the company.

23. India Lifestyle Network

Mensa Brands, a House of Brands unicorn, made the decision to lay off approximately 30 employees from India Lifestyle Network (ILN), which it had acquired in December of the previous year. 

In response to the layoffs, a spokesperson from Mensa Brands issued a statement to Inc42, mentioning that the restructuring was aimed at enhancing efficiency post-integration. The spokesperson emphasized that ILN remains committed to providing top-quality content to its consumers and industry-leading services to its client partners. The restructuring impacted a few positions, leading to the departure of less than 30 team members from ILN.

24. Kitopi

In Dubai, the tech industry's slump has impacted Kitopi, a unicorn cloud kitchen platform, leading to significant job cuts. The company has recently sacked 93 of its head office staff as part of a streamlining effort to enhance efficiency. This decision comes amid the global tech industry's economic uncertainty, after experiencing years of robust growth.

25. Lucid

Lucid, the electric vehicle (EV) startup known for its Air sedan, which competes with the Tesla Model S, has disclosed plans to lay off approximately 1,300 employees, accounting for around 18 percent of its workforce, in the coming months. 

The decision was communicated through an email from CEO Peter Rawlinson, which was included in a regulatory filing. The job cuts are expected to impact employees and contractors across various levels, including executives, and will affect nearly every organization within the company.

26. Lyft

Ride-hailing company Lyft declared its decision to lay off approximately 1,072 employees, which constitutes about 26% of its total workforce. The job cuts are part of a broader cost-cutting initiative undertaken by the new CEO, David Risher, who assumed the position earlier this month. 

Prior to this announcement, Risher had mentioned that the company would implement significant job reductions, although specific numbers were not disclosed at the time. Additionally, Lyft will also eliminate over 250 open positions as part of the cost-cutting measures. The restructuring will result in the company incurring expenses of approximately $41 million to $47 million for severance packages and employee benefits during the second quarter.

27. LivSpace 

Home renovation and interiors platform Livspace recently implemented a cost-cutting exercise that resulted in the termination of 100 employees, accounting for approximately 2% of its total workforce, according to sources informed Inc42. The job cuts significantly impacted teams such as product, engineering, content, and marketing within the company.

“Our focus continues to be on the most efficient deployment of capital and resources to maximize value for our shareholders, customers, partners and employees,” the company said in a statement, adding, “in a company of our size, we will, in the normal course of our operations, redeploy resources. This is organic and a reflection of normal adjustments and/or performance management parameters.”

28. Lido 

During a virtual town hall, Sahil Sheth, the founder of edtech startup Lido, informed the company's employees that they were facing a financial crunch. As a result, Lido asked over 150 employees to submit their resignations as part of its efforts to secure funding or explore the possibility of being acquired. 

The company assured these affected employees that they would receive their pending salaries for January 2022 and the 1st week of February 2022 within a timeframe of '30 to 90 days.' However, until now, the salaries remain unpaid, prompting the employees to express their grievances on social media platforms. The delay in salary payments has led to the employees sharing their experiences and concerns publicly in an attempt to seek resolution.

29. Meesho

In May, Meesho made an announcement regarding a fresh round of job cuts, resulting in the termination of 251 employees. This decision comes after a similar job cut of about 150 employees that took place the previous year. The startup industry is currently experiencing a challenging period known as the "funding winter," with many startups struggling to secure funding. 

To weather this funding winter and ensure sustainability, several startups, including Meesho, have resorted to cost-cutting measures, which include reducing their workforce. A Meesho spokesperson explained that they had taken a difficult decision to let go of 251 employees, which constitutes 15% of their workforce, in an effort to create a leaner organizational structure and achieve sustained profitability.

30. Mojocare 

Investors of health-tech start-up Mojocare have recently discovered 'financial irregularities' and, as a response, have initiated a thorough review of the company's financial statements. In addition to this, the start-up has made the decision to lay off 170 employees. 

Some of the major investors of Mojocare, including Peak XV Partners (Sequoia India), B Capital, and Chiratae Ventures, are taking this matter seriously and are looking into the financial situation of the company. The situation has raised concerns among the investors, leading to the review and the subsequent job cuts within the start-up.

31. Momspresso’s MyMoney 

Mamaearth, a Direct-to-Consumer (D2C) unicorn gearing up for an IPO, has decided to close down Momspresso MyMoney, the influencer engagement platform of Momspresso, by the end of this month. The reason behind this decision is the mounting losses incurred by the platform. Unfortunately, this move has resulted in the termination of 80 employees at Momspresso. 

During a town hall meeting in the first week of April, the top management of Momspresso, including the co-founders, informed the employees about the decision to shut down MyMoney. Moreover, multiple sources have indicated that Mamaearth is also likely to close Momspresso's brand marketing business in addition to MyMoney.

32. MyGate

MyGate, a startup, recently conducted a significant layoff, affecting 30% of its employees. This move had a notable impact on mid-management and junior-level employees within the company. This layoff marks the second instance of such job cuts, with a similar percentage of employees terminated in December 2022, as reported by YourStory. Prior to the layoff, MyGate had a total of 600 employees. However, after the recent job cuts, the workforce has been reduced to 400 employees.

33. Mythical Games

Web3 gaming studio, Mythical Games, recently announced that it has laid off 10% of its staff. Although the company did not immediately disclose the exact number of employees affected, its LinkedIn page indicates that it had approximately 320 employees. 

The decision to implement the layoffs was attributed to the economic downturn, which was likely worsened by the challenges posed by the crypto winter in the industry. The layoffs come as the company navigates through the difficult market conditions and seeks to streamline its operations amid the economic challenges.

34. Navi 

Fintech startup Navi Technologies, which is reportedly planning for an IPO, has carried out a layoff affecting around 200 employees across various departments. As per media reports, the product development and management teams have experienced the most significant impact, with up to 70% of their members being affected. 

A spokesperson for the fintech unicorn stated that the layoffs were a part of routine performance appraisals conducted twice a year. They clarified that such appraisals lead to expected departures from the company. However, the spokesperson did not respond to queries related to any severance packages or entitlements for the impacted employees.

35. NinjaCart

Walmart-backed agritech startup Ninjacart has recently undertaken a significant layoff, affecting more than 200 employees in key locations such as Bengaluru, Chennai, Mumbai, and Hyderabad. Several former employees shared this information with Inc42 on the condition of anonymity. 

This development follows Inc42's report highlighting alleged unfair practices by Ninjacart during the firing process. According to two individuals in senior management positions, Ninjacart has been focused on cost-saving measures for several months and has been reducing its workforce across ground operations, middle management, and senior management since November 2020. However, the company has attributed the layoffs to performance and integrity issues.

36. OkCredit

OkCredit, a startup backed by Lightspeed, has confirmed that there have been layoffs, but the specific number of affected employees was not disclosed. The company stated that it is providing support to the impacted employees through outplacement services and extended medical insurance coverage. 

Going forward, OkCredit plans to focus on fintech initiatives and strengthen its growth channels. The startup is realigning its strategies to enhance its position in the market and make progress in the fintech space.

37. OPEN

Neobanking unicorn OPEN recently conducted a performance evaluation and as a result, decided to lay off 47 employees. The company clarified that these job cuts were solely based on performance evaluations. In response to the current economic challenges, all four cofounders of OPEN have voluntarily taken a 50% salary reduction to support the company. 

However, OPEN assured that no other employees would be subjected to any salary cuts. The company emphasized that it is still actively recruiting for critical roles, such as growth marketing, product, and sales functions. This is part of OPEN's effort to continue growing the business and providing better services to its customers.

38. Ola Cabs

Cab aggregator Ola has initiated a 'restructuring' exercise, leading to employee layoffs primarily in its product and tech teams. As reported by Inc42, more than 200 employees have been affected by this process. The job cuts have impacted individuals working across various roles in Ola Cabs, Ola Electric, and Ola Financial Services verticals. 

According to sources, the company has offered severance packages to the impacted employees in accordance with their respective notice periods. The layoffs began earlier in the week, and Ola is undertaking this restructuring to adapt to changing market conditions and streamline its operations.

39. 1K Kirana

Gurugram-based Kirana tech startup, 1K Kirana, has recently laid off 40% of its workforce. The company attributed the job cuts to a restructuring effort and the decision to close operations in certain regions. 

According to the startup's LinkedIn page, it had 1,052 employees at the start of April, indicating that 421 employees were affected by the layoffs. However, media reports suggest that the actual number of impacted employees could be higher, possibly exceeding 600 employees. The restructuring move comes as the company adapts to the changing market dynamics and seeks to optimize its operations.

40. Practo 

Practo, a healthcare startup, recently laid off 41 employees as part of its performance management and planning process. The company confirmed this development in a statement to Inc42, stating that it will offer all necessary support to the affected employees. 

Practo emphasised that it is not currently engaged in any restructuring exercise. Instead, the decision to let go of these employees was made based on performance issues. The company clarified that the job cuts were not related to any larger organizational restructuring and were solely focused on addressing performance concerns.

41. Pleo

Danish startup Pleo has revealed its intentions to lay off approximately 15% of its workforce. With nearly 1,000 employees currently, this move could impact up to 150 individuals. Pleo specializes in developing expense management tools catering to SMBs across Europe.

In a blog post, co-founder and CEO Jeppe Rindom acknowledged the significant changes the company has undergone in the past year. The company's growth and expansion across 16 different countries have led to a different organizational structure and focus compared to just a year ago, prompting the decision to streamline its workforce.

42. PharmEasy

PharmEasy, an Indian drug and medical services platform, has recently faced challenges in raising funds, which has led to the company laying off employees. While the exact number of impacted employees remains undisclosed, sources familiar with the situation revealed that staff from various departments, including logistics, procurement, operations, sales, design, and technology, have been let go. 

One independent source estimated that approximately 40% of the workforce might have been affected by the downsizing. The decision to downsize comes amid a funding slowdown and reflects the company's efforts to adapt to the changing market conditions and financial challenges.

43. Rapid

US-based startup Rapid, formerly known as RapidAPI, has recently undertaken another round of layoffs, resulting in the termination of 70 employees. This decision comes less than two weeks after the company had previously laid off 50% of its workforce. 

Rapid, known for building an API (Application Programming Interface) marketplace, has faced challenges in its operations, which have led to these job cuts. The company is making strategic adjustments in response to its business situation and market dynamics.

44. Rupeek 

Sequoia-backed Gold loans startup, Rupeek, has recently laid off 20 more employees, accounting for approximately 2% of its total workforce. The decision was made as the company aims to achieve profitability amidst an ongoing funding crunch. 

A spokesperson from Rupeek confirmed the job cuts and explained that the company has been experiencing robust growth and efficiency gains, which are bringing it closer to profitability. To adapt to the current market situation and ensure its long-term sustainability, Rupeek is taking proactive and strategic measures. As a part of this effort, the company decided to maintain a leaner and more agile organization, which unfortunately led to the difficult decision to part ways with less than 2% of its workforce.

45. Revv, a transcription software maker with dual headquarters in Austin and San Francisco, is implementing job cuts that will affect dozens of employees in the Austin area. The company, known for its speech-to-text and transcription products, informed the Texas Workforce Commission about the planned layoffs through a WARN letter on October 7th. 

A WARN letter is required by the Worker Adjustment and Retraining Notification Act, a federal mandate that employers must adhere to when conducting significant layoffs. The notice serves as a formal communication to state governments about impending job cuts, and in this case, is taking the necessary steps to comply with the act while carrying out the layoffs in Austin.

46. ShareChat

MohallaTech, the company behind the social networking and regional content platform ShareChat and short-video app Moj, has recently conducted a layoff affecting around 20% of its workforce. A spokesperson from the company confirmed that approximately 500 employees out of a little over 2,200 have been affected by the job cuts. 

Most of the impacted employees, around 99%, are based in India, where the majority of ShareChat's offices are located. The decision to downsize comes amid changes in market dynamics and business strategies, prompting the company to streamline its operations to adapt to the evolving environment.

47. SmallCase

Fintech startup Smallcase, backed by Sequoia, has undertaken a restructuring effort that resulted in some employee layoffs. The company has confirmed this information in a statement to Business Today. According to the statement, the staff reductions were described as a "normal course of business," affecting 4% of the team, which amounts to 15 members, over the last three months. However, sources suggest that the company might be downplaying the significance of this event. 

According to insider information, Smallcase has been quietly laying off employees for the past month or so, often putting them on performance improvement plans (PIPs) before letting them go. The sources claim that the company is facing increasing losses and is heavily spending on marketing, putting pressure on employees. These claims contradict the notion that the layoffs are part of regular business operations, indicating potential challenges faced by the company.

48. Simpl

Buy now, pay later startup Simpl recently become part of the tech layoffs trend, having fired approximately 150 employees. The company explained to its workforce that it had hired more staff than required during the pandemic, as the e-commerce segment experienced a surge in demand. 

However, to rectify this situation, the company has taken corrective measures, leading to the layoffs. The decision to let go of around 150 employees is a strategic move to align the company's workforce with its current business needs and optimize its operations. Like many other companies, Simpl is adapting to the changing market dynamics and ensuring that it remains agile and sustainable in the post-pandemic landscape.

49. Stoa 

US-based proptech startup Stoa has recently undertaken significant cutbacks, resulting in laying off 80% of its workforce. The company, which was founded in 2017, had raised a substantial amount of funding, totaling $300 million, since its inception. Of this amount, $100 million was raised in equity, while $200 million was raised in debt. Notably, Stoa managed to secure almost the full $300 million funding between November 2021 and August 2022, an impressive achievement within less than a year. 

Despite these funding successes, the company has decided to implement drastic cost-cutting measures, leading to the layoffs. Additionally, the startup recently received an undisclosed investment and is currently exploring various options to navigate its current situation and financial strategy. The investment could play a crucial role in the company's future plans and operations as it seeks to move forward amidst the market challenges and opportunities.

50. Skill-Lync 

Upskilling startup Skill-Lync has recently conducted a second round of layoffs, affecting approximately 20% of its workforce, which amounts to around 225 employees. The job cuts began on June 27 and were implemented by the company as part of its cost-cutting measures. 

The goal of these layoffs is to streamline operations, reduce expenses, and limit future content and production investments. Skill-Lync is making strategic adjustments to align its operations with its current business needs and financial objectives, amid the ever-changing market dynamics and economic landscape.

51. Swvl

Cairo-born and Dubai-based mass transit and shared mobility services provider SWVL has recently carried out its second round of layoffs, impacting 50% of its remaining workforce. The company shared a statement about the layoffs, which come six months after a previous round where 32% of its employees were laid off as part of a "portfolio optimization program" aimed at achieving positive cash flow in the following year. 

During the earlier layoffs, over 400 employees were affected, leaving around 900 employees still with the company, according to data from its LinkedIn profile. With the second round of layoffs, SWVL has further reduced its headcount to a little over 450 employees. The company is making strategic decisions to adjust its operations and achieve financial sustainability in response to market conditions and business challenges.

52. Teachmint 

Edtech startup Teachmint has recently conducted a second round of layoffs, affecting nearly 70 employees. The Bengaluru-based company had previously undertaken job cuts in December 2022, where 45 employees, representing nearly 5% of its workforce, were let go. 

The decision to implement the layoffs might be part of the company's strategic efforts to adjust its operations, optimize resources, and align with its current business objectives. Teachmint, like many other startups, is adapting to the evolving market conditions and aiming for long-term sustainability in the competitive edtech industry. 

“The layoffs include almost all departments including marketing, tech, product and operations,” said one of the sources requesting anonymity as this person isn’t allowed to speak to the media.

53. Treebo Hotels

Treebo Hotels, a hospitality company owned by Ruptup Solutions, has recently laid off around 20% of its workforce, which amounts to approximately 100-120 employees. The layoffs were reportedly a result of the company's failure to secure funding. The company was in discussions with a French hotel chain Accor regarding a potential investment of $40 million. 

Accor operates various hotel brands across different price segments, such as Sofitel, Ibis, Raffles, Novotel, and Mercure. However, it appears that the funding deal did not materialize, leading to the layoffs at Treebo Hotels. The hospitality industry has faced significant challenges due to the COVID-19 pandemic and economic uncertainties, which might have contributed to the difficulties in securing funding for Treebo Hotels.

54. Unacademy

Unacademy, the SoftBank-backed edtech startup and India's second-most valued in the sector, has recently undertaken its fourth official round of layoffs. Approximately 12% of the staff, which translates to around 380 employees, have been affected by these job cuts. The company is making efforts to achieve profitability in its core business. 

In a communication to all employees on the company's Slack channel, Gaurav Munjal, co-founder and CEO of Unacademy, stated that they have already taken significant steps to move towards profitability, but further action is required. The decision to conduct these layoffs is part of their strategic plan to improve the company's financial health and ensure its long-term sustainability in the competitive edtech market.

55. upGrad Campus

Video learning platform upGrad Campus, formerly known as Impartus, has recently laid off around 30% of its total workforce, amounting to nearly 120 employees, as reported by Indian Express. The specific department or departments affected by the layoffs were not specified in the report. upGrad Campus was acquired by upGrad in March 2021 and continues to operate as an independent subsidiary under the edtech unicorn. 

The recent layoffs mark the second round of job cuts at a subsidiary of upGrad, which is led by Ronnie Screwvala. The decision to conduct these layoffs might be part of the company's efforts to optimize its operations and achieve its business objectives in the highly competitive edtech industry.

56. Uber 

Uber Technologies has announced that it will be laying off 200 employees in its recruitment division as part of its plans to maintain a flat staff count throughout the year and streamline costs. According to a report by Reuters, these reductions impact less than 1% of Uber's global workforce, which consists of 32,700 employees. 

This move comes after the ride-share company previously laid off 150 employees in its freight services division earlier in the year. The company is taking these measures to optimize its operations and manage expenses in a challenging economic climate.

57. Udayy 

Gurugram-based edtech startup Udayy has announced that it will be ceasing its operations, marking the end of its three-year journey since its founding in 2019 by Saumya Yadav. Unfortunately, this shutdown has resulted in the loss of jobs for 100 employees who were working for the company. 

Prior to the shutdown, Udayy claimed to have users in 45 cities and was operating 400 classes per day. The edtech startup had raised a total of $13.5 million in institutional capital, with its last funding round being a $2.5 million seed funding in January of the previous year. Notable investors in the startup included Alpha Wave Global and InfoEdge Ventures. Despite its efforts, Udayy faced challenges that led to the difficult decision to shut down its operations.

58. Udaan

B2B ecommerce platform Udaan has become the eighth ecommerce startup in 2022 to lay off employees, with 180 employees being affected in the first round of layoffs. The company cited cost-cutting as the reason for the job cuts. While the initial layoffs may not represent a significant percentage of its workforce, Inc42 sources indicate that more layoffs are anticipated, and the total number of affected employees could reach as high as 600. 

These layoffs come shortly after Udaan raised $250 million in funding from prominent investors like Microsoft, M&G Prudential, Kaiser Permanente, Nomura, TOR, and others. Despite the recent investment, the company has had to make difficult decisions to optimize costs and streamline operations. In response to the layoffs, Udaan has committed to supporting the impacted employees by providing medical insurance, a compensation package, and outplacement assistance to help them transition to new opportunities.

59. Vedantu 

Edtech startup Vedantu has faced two rounds of layoffs within a short span of 15 days, resulting in a combined total of 624 employees being let go. The company cited cost restructuring as the primary reason for these job cuts. The first layoff of 200 employees was reported exclusively by Inc42. Following this, Vedantu stated that it plans to hire around 1,000 people in the upcoming months. 

However, just two weeks later, the company conducted another round of layoffs, resulting in 424 more employees losing their jobs. Despite achieving unicorn status last year after raising $100 million in funding, Vedantu has had to make difficult decisions to streamline its operations and optimize costs. In a blog post by CEO Vamsi Krishna, it was mentioned that the startup will extend health benefits to the laid-off employees and their families until August 5, 2022, to provide support during this transition period.

60. WayCool 

Agritech startup WayCool has undertaken a restructuring exercise in pursuit of profitability, leading to the layoff of 300 employees. Additionally, the company will be closing some of its distribution centers and discontinuing a few experimental projects. 

The decision to restructure comes as WayCool aims to focus on its core and profitable businesses, while slowing down on certain experimental initiatives. The goal is to ensure the sustainability and long-term success of the company. A spokesperson for WayCool conveyed this message to Inc42, shedding light on the company's strategic approach to adapt to the changing dynamics of the market.


Conversational AI startup has experienced a series of layoffs, resulting in a reduction of 15% of its workforce since August. The decision to let go of employees was attributed to slow growth and a need to streamline the company's workforce. During the period between August 2022 and February 2023, conducted two rounds of layoffs to reorganize certain teams and focus on high-priority, high-growth areas. 

As of now, the company has 1,063 employees, according to its LinkedIn profile. A spokesperson from confirmed the layoffs to Inc42 and stated that the company is providing support to the impacted employees. However, specific details about severance packages were not disclosed.

62. ZestMoney

Fintech startup ZestMoney has recently laid off between 20% to 30% of its workforce as part of a cost-cutting initiative. The decision came after PhonePe, which had planned to acquire ZestMoney, cancelled the acquisition deal. While some sources indicate that around 30% of the employees were affected, other reports suggest the number to be closer to 20%. 

This translates to approximately 100 employees across various departments being impacted by the layoffs. Despite the acquisition falling through, a significant portion of the laid-off employees are reportedly being absorbed by PhonePe. The deal was called off due to several issues, including concerns related to due diligence, disputes over valuation, the long-term sustainability of the business, and shareholding structure.

63. Zoomo 

Electric delivery bike startup Zoomo has recently undergone its second round of layoffs in the past six months, resulting in 27 job cuts. This move comes shortly after the collapse of one of its major clients, Milkrun. 

In a statement, Zoomo acknowledged the difficult decision to reduce its overall headcount by 8%. The company stated that this restructuring is aimed at accelerating its path towards achieving company-wide profitability by the year 2024.

64. Zoom 

Zoom Video Communications Inc has announced its decision to cut 1,300 jobs, which accounts for approximately 15% of its workforce. In a blog post, the CEO acknowledged the challenging nature of this decision and expressed gratitude to the employees who have contributed to the company's growth and success. The move comes as Zoom continues to evolve and adapt as a widely recognized brand in the global market, but also reflects the changing dynamics and needs in the business landscape.

To share information about layoffs, pay cuts, or other workforce-related changes at a startup, kindly send us an email at We welcome your insights and contributions to our reporting.

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Topics: Business, #Layoffs, #HRTech, #HRCommunity

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