In May 2020, the online real estate platform Magicbricks laid off approximately 250 employees as part of broader cost-cutting measures. The layoffs, which affected various business roles, occurred amid the economic downturn caused by the COVID-19 pandemic and subsequent lockdowns, which severely impacted demand across sectors. The company, owned by Times Internet, reportedly asked some employees to resign without severance pay while serving a notice period. This move was part of a wider trend of downsizing and operational streamlining observed among Indian startups and unicorns, particularly in travel, hospitality, and real estate, as companies sought to conserve cash during the crisis.
