Magicbricks Layoffs
May 2020
Magicbricks announced a layoff affecting 250 employees in May 2020. The company operates in the Real Estate sector.
250
May 17, 2020
About
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.
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