Gurugram-based EV mobility startup Oye Rickshaw laid off 40 employees earlier this month, representing 20% of its 200-person workforce, amid a market downturn and mounting losses. The company, backed by Matrix Partners, cited the need to ensure stability and restructure teams across verticals. Sources indicate the layoffs primarily affected the struggling 'Ride business'—an e-rickshaw aggregator service that has been difficult to scale due to challenges with driver adoption of the app. The startup is reportedly considering winding down this segment while continuing its delivery and battery swapping operations. This move reflects broader pressures in the Indian startup ecosystem, where over 10,000 employees have been laid off in 2022.
