Over 5000 employees in India laid off by Unacademy, Meesho, Vedantu & other startups
Popular start-ups in India, including Unacademy, Cars24, Vedantu, Meesho, Trell, Furlenco, and many more, laid off over 5000 employees in India. And the worst part is, this is not the end, the startup industry in India will continue to fire. Most of the employees fired by the companies claimed that they were asked to leave without any prior notice. The reason behind the mass layoff is unknown, but one common reason is cost-cutting as funding has slowed and startups are unable to handle investor pressure.
Over 8000 employees in India laid off
- Ola laid off – 2100 employees
- Unacedemy laid off – 926 employees
- Vedantu laid off – 7% of its total employees
- Cars24laid off – 6% of its total workforce
- Meesholaid off – 150 employees
In the first quarter of 2022, Ola laid off about 2100 employees, followed by Unacademy with 926 layoffs, Vedantu with more than 600 layoffs, and Cars24 with around 600 layoffs. Meesho, an e-commerce website, recently reached a milestone of 100 million users and 6 lakh sales. Meesho, on the other hand, laid off about 150employees in a new wave of layoffs. Meesho cited restructuring as the reason behind the layoffs but said the company would provide severance packages and displacement support.
“As we target efficiencies in the light of the integration, a small number of full-time roles and certain third-party positions on six-month contracts at Meesho Superstore were reassessed to remove redundancies from the core business, according to Meesho.
To support those affected by this restructuring, Meesho is offering severance packages and outplacement assistance to help secure new opportunities outside the company. “The redundancy does not impact any position in the core Meesho Marketplace business, where we continue to hire and grow talent,” Meeshoadded in an official blog post.
Used car marketplace Cars24 laid off more than 6 percent of its workforce, which has more than 600 employees. The company did not reveal the exact reason behind the layoffs of so many employees but said that it is business as usual performance-linked exitsthat happen often. Global economic slowdown, fall in funding, and the inability of firms to handle investor pressure has been cited as the reasons for such situations. Existing conditions like sustainedinflation, conflict, and geopolitical instability have also limited the performance of companies.
