Layoffs in India

Halodoc, an Indonesian healthtech company, laid off an unspecified number of employees in late 2024 as part of a strategic restructuring to optimize operations and enhance efficiency. The decision, affecting a portion of its workforce, was driven by the need to streamline costs and focus on sustainable growth amid evolving market conditions. As a major player in Southeast Asia's digital healthcare industry, Halodoc continues to provide telemedicine and health services, with the layoffs reflecting broader adjustments within the tech sector to maintain long-term viability.

Accel-backed SaaS startup OSlash, which provided an enterprise productivity tool for creating shortcuts to URLs and files, is shutting down operations by the end of November 2023. The Bengaluru and San Francisco-based company, founded in 2020, announced it will cease accepting new registrations immediately and is making its shortcuts technology open source for existing users. While the exact number of employees affected is not specified, the shutdown follows the company's acknowledgment that its core OSlash shortcuts product did not achieve commercial success. OSlash had previously raised $7.5 million in funding, including from Accel, reaching a $50 million valuation in 2022. The founders stated that winding down allows them to return capital to investors and apply lessons learned to future ventures, reflecting broader challenges in the SaaS sector amid a funding crunch.

Graphy, the software-as-a-service platform owned by edtech giant Unacademy, has laid off 20-30% of its workforce, amounting to nearly 50 employees, in recent weeks. This restructuring comes as the company, which provides learning management tools for creators, has reportedly struggled to meet revenue targets despite earlier projections. The move is part of a broader trend within Unacademy's group companies, following similar job cuts at Relevel and PrepLadder, as the SoftBank-backed firm shifts focus toward its offline operations and aims to enhance overall productivity. While Graphy's leadership cited performance-based reasons for the departures, the layoffs reflect ongoing challenges in the competitive edtech sector.

Indian fashion startup Virgio has laid off 20 employees, representing 33% of its total workforce, as part of a cost-cutting and restructuring effort. This move primarily impacted senior staff members and follows the company's recent pivot from a fast-fashion model, inspired by Shein, to a sustainable, circular fashion brand. The layoffs, reported in late 2023, coincide with a significant leadership overhaul, where several top executives have been replaced by new hires from companies like OnePlus and Flipkart. Backed by investors such as Accel and Prosus Ventures, Virgio acknowledged past hiring missteps and is now recruiting to fill the vacated roles while repositioning itself in the competitive e-commerce industry.

Belora Paris, a cosmetics brand backed by Peak XV Partners' Surge, is reportedly on the verge of shutting down operations entirely as of October 2023. The Gurugram-based company, which offered vegan and toxin-free makeup and skincare products, failed to secure follow-on funding from investors or find a buyer through acquisition talks. This financial strain has led to an imminent wind-down, evidenced by its non-functional website. Founded in 2019, Belora had aimed for significant growth but faced challenges in sustaining its business in the competitive beauty industry.

CityMall, a social commerce startup based in Gurugram, laid off approximately 90 employees on October 16 as part of a cost-cutting initiative directed by its investors. This marks the company's second significant round of layoffs in 16 months, following the termination of about 191 employees in June 2022. The recent cuts affected nearly all departments, with the startup offering severance pay equivalent to one month's salary. Operating in the e-commerce industry, CityMall focuses on delivering grocery, FMCG, electronics, and fashion products to consumers in Tier III and IV cities. Despite raising a total of $112 million from investors like Norwest Venture Partners and Elevation Capital, the company has faced internal challenges, including frequent top management changes and office relocations, contributing to this restructuring effort.

In October 2023, Indian edtech startup Adda247 laid off approximately 250 to 300 employees across various departments, including sales, content, and faculty. This downsizing, which also affected 100-150 staff from its acquired platform StudyIQ, was reportedly conducted abruptly to extend the company's financial runway amid a challenging funding environment for the sector. Backed by investors like WestBridge Capital and Google, Adda247 is a test-prep platform focused on government job exams and had raised over $60 million. The layoffs reflect broader pressures in the edtech industry, even as the company had seen significant revenue growth in prior years.

Just one day after raising $50 million in a Series E funding round, B2B vendor management platform Bizongo has laid off approximately 50 employees. This represents over 10% of its workforce, which totals around 413 people. The layoffs are part of a strategic shift as the company sharpens its focus on key business goals and profitability, particularly by expanding into the raw material sector and streamlining metal procurement. Despite the recent funding success, which valued Bizongo at $980 million, the startup has made these difficult cuts to reallocate resources and drive efficiency in its operations.

Byju's plans to cut as many as 5,000 jobs in the coming weeks as part of a business restructuring to simplify operations, reduce costs, and improve cash flow management, amid pressures from a delayed IPO and disputes with lenders.

Indian quick-commerce startup Dunzo has laid off approximately 150-200 employees, representing about 30-40% of its workforce, as announced by co-founder Mukund Jha in a meeting on Friday. This marks the third round of layoffs this year, following earlier cuts that affected nearly 400 employees. The company is implementing these measures to reduce operational costs, including plans to move to a smaller office. Affected employees face delayed salary payments for June and July, with options to resign for settlements early next year. Despite the cuts, Dunzo is reportedly in advanced talks to secure $25-30 million in funding from key investors like Reliance Retail and Google.

DealShare laid off 130 employees on 2023-09-21.

Y Combinator-backed neo-banking startup Akudo is winding down its core operations, effectively shutting down in September 2023. The company, which provided digital banking and debit cards for teenagers, was forced to discontinue its primary UPI services due to a new Reserve Bank of India directive prohibiting UPI in co-branding arrangements. With over 70% of its business reliant on UPI, this regulatory shift was a critical blow. Compounded by unsuccessful fundraising efforts and dwindling capital, the company ceased onboarding new users and is closing its operations entirely. The fintech startup had raised $4.2 million in a 2021 funding round.

Fintech startup Velocity, a revenue-based financing platform for Indian D2C and ecommerce brands, laid off approximately 14% of its workforce earlier this week, affecting around 22 employees from various departments. The company, which had a headcount of about 150-160 prior to the cuts, stated the restructuring was aimed at eliminating redundancies, automating workflows, and achieving profitability for sustainable growth. While sources suggested the layoffs could be part of a cost-cutting measure to extend the startup's runway, CEO Abhiroop Medhekar emphasized that the decision was strategic and that most of its $20 million Series A funding from 2021 remains unused. Velocity, backed by Valar Ventures and other investors, reported a significant increase in net loss to INR 7.9 crore in FY22 despite growing revenue.

Khatabook, a Peak XV-backed bookkeeping and lending platform, laid off over 40 employees in early September 2023 as part of a restructuring effort to cut costs and extend its financial runway. The company confirmed that 42 staff members, representing 6% of its 700-strong workforce across sales, marketing, analytics, and technology departments, were affected. This move aligns with Khatabook's focus on profitability and streamlining operations toward its core business areas, following earlier steps like shutting down its MyStore e-commerce product in 2021. The impacted employees received severance packages including three months' salary.

Shiprocket-owned retail SaaS platform Omuni laid off approximately 60-70 employees, representing nearly 35% of its workforce, in a restructuring exercise during the second week of August. The layoffs affected teams across tech, product, sales, and talent acquisition. Concurrently, Omuni's CEO and cofounder Mukul Bafna and CTO Sumeet Chandhok are exiting the company, with leadership transitioning to Vivek Kalra of Glaucus. Shiprocket, which acquired Omuni in July 2023 for INR 200 crore, stated the move is part of organizational consolidation to integrate teams and enhance synergies across its ecommerce enablement platform. The affected employees are receiving two months' salary as severance.

Kenko Health laid off 50 employees representing approximately 20% of its workforce on 2023-08-30.

Healthtech startup Kenko Health laid off approximately 20% of its workforce, affecting an estimated 50-60 employees across various functions, as reported in late August 2023. The layoffs occurred over the preceding weeks and were attributed to challenges in securing a Series B funding round, despite having raised $12 million in a Series A round the previous year. Operating in the healthtech industry, the three-year-old company offers subscription-based health expense coverage and corporate healthcare plans, boasting over 220,000 subscribers. This move reflects broader trends where growth-stage startups, even after raising significant capital, are restructuring due to funding pressures.

CoinSwitch, a Bengaluru-based crypto asset platform and unicorn, laid off 44 employees in August 2023, marking its first-ever workforce reduction. The cuts primarily affected the customer support team, which the company stated was "right-sized" due to a lower volume of customer queries. While the exact total employee count isn't specified, CoinSwitch is a major, well-funded player in the cryptocurrency industry, having raised over $400 million. This move reflects broader challenges in the crypto sector, including increased regulatory scrutiny in India and a tough market environment, as seen with similar layoffs at other firms like CoinDCX.

Edtech startup Cuemath has laid off approximately 100 employees in a recent restructuring effort to reduce costs, marking the second round of layoffs this year after a similar cut of about 100 staff in May. The company, which offers K-12 mathematics courses globally and is backed by investors like Google and Peak XV Partners, cited a challenging macroeconomic environment and a persistent gap between revenue and cost expectations as key reasons. CEO Manan Khurma communicated the decision via email on August 25, acknowledging that previous turnaround efforts fell short. This move reflects broader pressures in the edtech industry, where funding constraints have led to multiple startups downsizing. Cuemath reported a net loss of over INR 216 crore in FY22, with employee expenses constituting a significant portion of its costs.

Bengaluru-based short-video platform Chingari has laid off over 50% of its workforce in a second round of job cuts within two months, reducing its total employees to just 50-60. This drastic reduction follows an earlier layoff of 20% in June and comes amid a severe cash crunch. The company, struggling to secure fresh funding that has been stuck in due diligence, also imposed pay cuts of up to 50% on some remaining staff to cut expenses. The layoffs, which occurred last week, affected teams including product, customer support, design, and marketing, with employees being asked to resign during one-on-one meetings. Operating in the competitive short-video and social media industry, Chingari faces potential shutdown if it fails to raise new capital in the coming months.

Indian cryptocurrency exchange CoinDCX has laid off 12% of its workforce, a decision announced on August 22, 2023. While the exact number of affected employees was not specified, the company stated the layoffs are part of a strategic restructuring to improve efficiency and focus on long-term growth amid a challenging market environment. The crypto exchange is providing comprehensive support to those impacted, including full notice period severance, an additional month's salary, and owed variable pay and incentives.

Online poker platform Spartan Poker has laid off 125 employees, representing 40% of its total workforce, as it contends with the financial strain imposed by India's new 28% GST on online gaming. This late 2023 development marks the company as the third major player in the domestic online gaming industry, following Hike and MPL, to implement significant job cuts in response to the tax regime, which has drastically increased operational costs and tax burdens for the sector.

Times Internet laid off 100 employees representing approximately 5% of its workforce on 2023-08-18.

Hike, the Indian tech startup behind the Rush Gaming Universe platform, laid off approximately 55 employees on August 10, 2023, representing about 22% of its total workforce. The company's founder cited the recent increase in Goods and Services Tax (GST) on online gaming to 28% as the primary reason, describing the 400% hike in tax liability as a severe financial burden requiring cost absorption. This move follows similar layoffs at other gaming firms like Mobile Premier League, reflecting broader industry distress. Hike, which focuses on Web3 gaming and has notable investors, reported its core business was otherwise strong, but the regulatory change forced this restructuring to ensure sustainability.

Gaming startup Quizy has completely shut down its business in August 2023, resulting in the layoff of its entire team. The closure was a direct result of the Indian government's decision to impose a 28% Goods and Services Tax (GST) on the full face value of bets in the online gaming industry. Founder Sachin Yadav stated that this massive tax hike, combined with other tax measures, made the business model unsustainable, forcing the company to exit the real-money gaming sector. This shutdown reflects a broader crisis in the Indian online gaming industry, where increased tax liabilities are pushing many startups and MSMEs out of business, potentially leading to market consolidation.

Mobile Premier League (MPL), a Bengaluru-based real-money gaming startup, is laying off 350 employees. This decision, announced on August 8, 2023, is a direct response to the Indian government's imposition of a 28% GST on the real-money gaming industry, which is expected to increase the company's tax burden by 350-400 percent. This marks the second major round of layoffs for MPL in about a year, following a previous cut of over 100 employees in May 2022. The move highlights the severe financial strain the new tax policy is placing on companies within India's online gaming sector.

India's online gaming startup Mobile Premier League (MPL) is cutting its workforce by approximately 50%, eliminating around 350 jobs, as announced in an email to employees on Tuesday. The layoffs are a response to new taxation rules from New Delhi that impose a 28% tax on online real-money games, significantly increasing the company's tax burden. This cost-cutting measure aims to reduce expenses and ensure business viability in the face of the new tax regime.

In August 2023, space company Astra laid off 25% of its workforce as part of a strategic shift to conserve cash and focus on its spacecraft engine business. The layoffs, affecting employees in launch, sales, administration, and shared services, are expected to save over $4 million per quarter starting in Q4 2023. With dwindling cash reserves—reportedly around $26 million—and limited near-term revenue prospects, Astra is reallocating at least 50 engineers to spacecraft production, which has secured around $77 million in contracts. This move will delay testing of its Rocket 4 and Launch System 2.0. The company is also seeking additional capital through financial advisors and a recent debt sale to sustain operations.

Spinny, a Tiger Global-backed used car marketplace, has laid off approximately 300 employees as part of a business restructuring. This reduction affects about 5% of its workforce, which totals around 6,000 to 6,200 employees. The layoffs, announced in early August 2023, are connected to the company's strategic move to merge its Truebil and Spinny Max operations under the main Spinny brand. This reorganization aims to streamline operations in the competitive automotive e-commerce industry.

California-based SaaS automation startup Tekion, founded by former Tesla executive Jay Vijayan, has laid off approximately 300 employees, representing about 10% of its workforce, as part of a restructuring effort. The majority of those affected, around 200 individuals, were based in the company's India offices in Bengaluru and Chennai. Announced in a town hall meeting on July 31, the layoffs impacted various teams including tech, sales, marketing, and HR. Tekion cited "changing macroeconomic conditions" and the need for organizational adjustments as reasons, though sources indicate missed revenue targets and product rebuilds also contributed. The company, last valued at $3.5 billion after a 2021 funding round, is providing severance and transition support to the impacted employees.

Indian fintech startup FamPay, a neo-bank for teenagers backed by Peak XV, has laid off 18 employees in its second round of job cuts, as reported in August 2023. The company, founded in 2019, is streamlining operations to optimize its business model in the competitive digital payments industry. While the exact percentage of the workforce affected wasn't specified, this move reflects broader challenges and restructuring efforts within the startup sector to achieve sustainable growth.

ConnectedH, a B2B healthtech startup backed by Kalaari Capital, has ceased operations and is returning remaining capital to investors. The company, which employed a team of undisclosed size, effectively laid off all staff as a result of the shutdown last month, though the cofounder stated team members have been placed in new roles. Founded in 2018, the startup provided CRM and diagnostic lab tools but ultimately ran into insurmountable market realities amid the ongoing funding winter, leading to its closure just two years after raising $2.3 million in seed funding. This marks another casualty in the competitive healthtech industry, highlighting the challenges faced by early-stage ventures in securing sustainable growth.

Increff, a Premji Invest-backed SaaS startup in the logistics and supply chain industry, laid off approximately 60 employees, representing 20% of its workforce, last week as part of a cost-cutting drive to return to profitability. The layoffs affected multiple teams including tech, sales, customer success, and HR. The decision was driven by adverse macroeconomic conditions, failure to meet new client onboarding targets, and the unexpected challenges in its US and European expansion despite significant marketing investments. While the startup is not abandoning its international plans, it is shifting to a more partner-led sales approach and reducing marketing expenses to achieve financial sustainability.

Milkbasket, a subscription commerce firm acquired by Reliance, is reportedly laying off approximately 400 employees, which represents about two-thirds of its total workforce of roughly 600. This significant reduction, occurring in late July 2023, includes the entire offline marketing, sales, and head office teams. The layoffs are part of a broader integration with Reliance's JioMart platform, which is phasing out the Milkbasket brand in favor of a new 'Jio Smart Daily' service. Despite Reliance's official denial of layoffs, citing only role realignments, sources indicate that many employees are being asked to resign, with only a portion expected to be absorbed into other group companies like Reliance Stores and Bazaar. This restructuring follows the recent exits of top executives and reflects the ongoing consolidation within the e-commerce and retail industry under Reliance's umbrella.

Myntra, the Flipkart-owned fashion e-commerce platform, laid off approximately 50 employees in late July 2023 as part of an internal restructuring. This move was driven by a strategic shift to revamp its private label business, focusing on a select few key in-house brands like Roadster, HRX, and Mast & Harbour, rather than scaling its entire portfolio of around 20-25 brands. The layoffs, while affecting various verticals, primarily impacted staff in the in-house brands division. This restructuring reflects Myntra's effort to streamline operations and adapt to competitive pressures in the online fashion retail industry, where it faces rivals such as Ajio and Tata Cliq. The company, led by CEO Nandita Sinha, emphasized that such recalibrations are routine and offered affected employees opportunities to transition to other roles within the organization or its group companies.

Proptech startup Stoa has laid off approximately 80 employees, reducing its workforce by 80% from around 100 to just 20, as reported in July 2023. The company, which operates in the U.S. real estate market, faced a significant blow to its business model due to rising inflation and the economic crisis that dramatically altered the sector. Despite raising a total of $300 million since its 2017 founding, including a rapid influx of capital between late 2021 and mid-2022, Stoa is now undergoing a reorganization. The Arizona-based startup, founded by Israelis, stated it has several potential deals under consideration as it navigates an uncertain future.

Indian quick-commerce startup Dunzo announced its third round of layoffs in seven months in late July 2023, with an estimated 200 employees, or at least 20% of its workforce, expected to be impacted. This decision, communicated by co-founder Mukund Jha, comes as the company grapples with severe cash flow issues, which have also forced it to delay salary payments from June until September for many staff. The startup, which had already let go of 380 employees in prior cuts, is taking these measures to streamline operations and build a more sustainable business despite claiming to have an 18-month financial runway.

Dunzo, a hyperlocal delivery startup in India, is planning to lay off over 200 employees as part of its third round of layoffs this year, aiming to streamline cash flow and build a more sustainable business amid a search for new funding. The company has already eliminated about 400 jobs this year and is deferring employee salaries to manage expenses.

In July 2023, the fintech startup Navi Technologies, founded by Flipkart co-founder Sachin Bansal, laid off between 150 to 200 employees. This workforce reduction, impacting product, analytics, and technology functions, occurred amid a delayed initial public offering (IPO) and a broader push toward revenue generation. The company attributed the departures to routine performance appraisals, stating it still planned to hire, including over 150 campus recruits. The layoffs reflect challenges within the fintech sector and Navi's strategic adjustments as it navigates regulatory hurdles and market corrections, having postponed its planned Rs 3,350 crore IPO despite earlier regulatory approval.

Engineering-focused edtech startup Skill-Lync laid off 20% of its workforce, affecting over 200 employees, as part of a cost-reduction strategy in July 2023. This marked the company's second round of layoffs in 2023, following earlier cuts of 300-400 employees in April. With a total headcount of about 800, the layoffs were driven by a strategic shift to streamline student delivery and learning operations, while limiting investments in future content and production. The move aimed to extend the company's financial runway amid challenging funding prospects, despite having raised $20 million from investors like Iron Pillar and Y Combinator. Skill-Lync, which provides industry-relevant courses for engineering students, joins other growth-stage startups facing similar pressures after initial fundraising successes.

In July 2023, Indian e-commerce startup Dukaan laid off 90% of its customer support team, a drastic workforce reduction driven by the company's shift toward prioritizing profitability amid economic challenges. The cuts were part of a move to replace human staff with an AI chatbot named Lina, which founder and CEO Suumit Shah defended on Twitter, citing significant operational improvements. The AI implementation reportedly slashed customer support costs by about 85% and reduced resolution times from over two hours to just minutes. While the exact number of employees affected wasn't specified, the scale of the layoffs highlights the intense pressure on startups to achieve financial sustainability, even at the cost of significant job losses in favor of automation.

Agritech startup WayCool, which operates in the food development and distribution sector, is laying off approximately 300 employees as part of a restructuring effort focused on achieving profitability. This reduction, announced in July 2023, affects about 12% of its then 2,500-strong workforce. The company, which had raised over $350 million and was valued at over $700 million, is slowing down experimental projects and closing some distribution centers to streamline operations and prioritize its core, profitable businesses. This move aligns with its goal of reaching break-even and preparing for a potential future IPO.

FrontRow representing approximately 100% of its workforce on 2023-07-10.

Xiaomi India is undergoing significant operational restructuring, aiming to reduce its workforce to below 1,000 employees. Starting with around 1,400-1,500 staff at the beginning of 2023, the company has already laid off approximately 30 people recently, with more job cuts expected in the coming months. This reduction represents a significant portion of its workforce as part of a broader organizational rejig. The layoffs, occurring in June 2023, are driven by a slump in market share, particularly in the budget smartphone segment where demand has weakened, and increased scrutiny from government agencies. As a major player in the electronics and consumer products industry, Xiaomi India is centralizing decision-making with its Chinese parent company, reflecting challenges in the competitive smartphone market.

Qyuki representing approximately 30% of its workforce on 2023-06-29.

Indian short-video app Chingari has laid off approximately 48 employees, representing 20% of its roughly 240-person workforce, as part of an organizational restructuring. The layoffs, which occurred on June 19, primarily impacted the tech team across its Mumbai and Bengaluru offices, coming just weeks after a cofounder's departure. Operating in the competitive media and entertainment sector with a blockchain-based model, the startup offered affected staff two months of severance and extended health insurance. This move reflects broader challenges faced by short-video and cryptocurrency platforms, despite Chingari having secured funding earlier in the year for growth and expansion.

Health tech startup Mojocare laid off approximately 150-170 employees, representing over 80% of its workforce, in June 2023. This drastic reduction occurred within a year of the company raising $20.6 million. The Bengaluru-based startup, which provides personalized wellness products and services, cited unsustainable business fundamentals and a strategic shift toward capital efficiency and profitability as reasons for the cuts. The layoffs left the company with only a small operational team.

Bengaluru-based edtech startup FrontRow, backed by Lightspeed, has laid off approximately 90% of its workforce through two rounds of job cuts in May and October of last year, reducing its team from around 350 to just 35 employees. The company, which operates in the non-academic upskilling industry, is now exploring acquisition options amid a challenging funding environment. Co-founder Ishaan Preet Singh cited strategic reassessment of the market's potential as the primary reason, rather than immediate financial runway concerns, stating the startup has about three years of capital left. This downsizing reflects broader struggles in the edtech sector as the company shifts focus to experiments in career learning for adults and offline development for children.

IPO-bound D2C beauty unicorn Mamaearth is shutting down two verticals of its acquired platform Momspresso, resulting in layoffs of 80-100 employees. This decision impacts the MyMoney influencer engagement platform and the brand marketing business, which have been loss-making. The move is part of a restructuring effort as Mamaearth prepares for its upcoming initial public offering, aiming to streamline operations and cut costs. The layoffs, which occurred recently, affected roles across tech, content, customer service, marketing, and product. Momspresso, acquired in 2021, continues to operate its core user-generated content platform.

Indian edtech giant Byju's is laying off approximately 1,000 employees as part of a restructuring effort. This significant workforce reduction, announced in early June 2023, comes amidst severe financial and legal pressures. The move follows directly after the company filed a complaint in a New York court, challenging the acceleration of a $1.2 billion term loan it had raised in 2021. These layoffs reflect the broader challenges within the once high-flying edtech industry as companies like Byju's, a major player in the sector, grapple with cash flow issues and investor disputes while scaling back operations.