Layoffs in South Korea

In June 2023, Seoul-based ride-hailing platform Tada, a subsidiary of Socar and backed by fintech firm Viva Republica, initiated a restructuring involving layoffs to reduce costs. While the company confirmed a voluntary early retirement program without specifying exact numbers, local media reported the cuts could affect at least 50% of its staff, approximately 45 employees. This move followed the breakdown of merger talks with Jinmobility and came as Viva Republica sought strategic partners to sustain Tada's operations in South Korea's competitive ride-hailing market, dominated by Kakao Mobility. The layoffs reflect ongoing challenges in the transportation tech sector amid consolidation efforts.

In February 2023, Seoul-based agritech startup Green Labs laid off approximately 350 employees, representing about 70% of its workforce, as part of a major restructuring. This reduced its headcount to 150 people. The layoffs were driven by a severe cash crunch after the company overextended its expansion. A key factor was the suspension of its accounts receivable factoring financing by lender Lotte Card, following a freeze in South Korea's bond market. This forced Green Labs to repay large loans abruptly. Just a month after the layoffs, in March 2023, the company secured $38.4 million in debt financing from existing investors to support its revival efforts.

NCSoft representing approximately 20% of its workforce on 2023-02-02.