Bengaluru-based community and security management startup MyGate has laid off 30% of its workforce, approximately 200 employees, reducing its team from 600 to 400. This recent round of job cuts, affecting mid-management and junior roles, follows a similar reduction in December 2022. The layoffs are attributed to the ongoing funding winter and macroeconomic pressures, a trend impacting many Indian startups and global tech giants. MyGate, founded in 2016 and backed by investors like Tiger Global, provides security solutions for residential complexes. The company offered a two-month severance to some affected employees, while others received no package.
