New Delhi: Over 2.12 lakh workers – from Big Tech firms to startups – are set to lose their jobs in the global tech sector in the first half of 2023 as layoffs continue amid funding winter. According to data from the layoffs tracking site Layoffs. For your information, as of June 30, 819 tech companies have shown their doors to approximately 212,221 employees.
In comparison, 1,046 tech companies are expected to lay off over 1.61 lakh employees in 2022. Overall, around 3.8 lakh tech workers have lost their jobs in 2022 and till June this year.
As more and more Big Tech companies continue to lay off employees, they have cited a variety of reasons behind the move – over-hiring, uncertain global macroeconomic conditions, strong headwinds from the COVID-19 pandemic, and A lot too.
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The situation remains grim in the Indian tech ecosystem as well. Over 11,000 Indian startup employees have been laid off so far this year, which is almost 40 percent more than the same period last year.
India now accounts for about 5 percent of the layoffs in startups globally. According to data from Inc42, 102 Indian startups have laid off more than 27,000 employees since the funding winter was set for 2022.
Around 22 edtech startups, including five of the seven edtech unicorns, have laid off around 10,000 employees so far.
Also, there were no new unicorns in India in the first half of 2023 as startup funding declined by over 70 per cent in the January-June period from a year ago, indicating that the funding winter is still to come. Because many top unicorns will continue to face off. an economic downturn.
Indian startups raised only $5.48 billion in the first six months, compared to $19.5 billion they raised during the same period last year, according to data shared with IANS by market intelligence firm Traxon.