Layoff Events

Extramarks, a Reliance-backed edtech startup, laid off over 300 employees in mid-April as part of a restructuring effort to shut down its loss-making B2C business vertical. The layoffs, which primarily affected teams in sales, customer support, HR, marketing, tech, and content, were driven by significant financial losses, with the company reporting a net loss of INR 104.8 crore in FY21. Following the pandemic, a shift back to offline learning led to declining admissions and increased cash burn in the B2C segment. While Extramarks will continue serving existing B2C students, it will now focus entirely on its core B2B operations, which involve digitizing schools with educational content via LED screens. The company, founded in 2007 and headquartered in Delhi NCR, has not disclosed its total employee count, but the layoffs reflect a strategic pivot amid challenging market conditions in the edtech industry.

Teampay laid off 30 employees representing approximately 33% of its workforce on 2023-04-26.

Edtech startup Skill Lync has laid off over 400 employees, representing more than 20% of its workforce of over 2,000, as part of a restructuring effort last week. The company, backed by Iron Pillar, cited challenging macroeconomic conditions and a need to moderate growth expectations, leading to role redundancies. Affected staff came from sales, marketing, tech, and talent acquisition teams. This follows earlier layoffs of 300-400 employees and office closures in Mumbai and Pune, with the Delhi NCR office also now shut. Skill Lync is consolidating operations in Chennai, Bengaluru, and Hyderabad amid a broader funding crunch in the edtech sector.

Rapid, formerly known as RapidAPI, a San Francisco-based API marketplace startup valued at $1 billion last year, has laid off approximately 115 employees, representing 50% of its workforce. The cuts, announced in late April 2023, are part of a significant restructuring under new CEO Marc Friend, who stated the company had grown too large and tried to compete on too many fronts, sacrificing agility. The layoffs affected teams across sales, talent acquisition, engineering, product, and marketing in offices spanning Europe, Tel Aviv, and San Francisco. This move aims to right-size the company, refocus its product strategy, and prioritize customer success in the competitive tech industry.

BigPanda, an Israeli AIOps unicorn, laid off approximately 40 employees, representing 13% of its workforce, in late April 2023. The company, which provides AI-driven event correlation and automation for IT operations, cited the need to streamline and restructure due to the challenging macroeconomic environment. This move aims to reduce the annual burn rate and ensure long-term financial strength, despite having raised $207 million recently and achieving a $1.2 billion valuation. The layoffs are part of a restructuring that also included new executive appointments, with the company reaffirming its commitment to its core product strategy and mission in the enterprise AIOps market.

Red Hat, a Raleigh-based software giant, announced layoffs affecting hundreds of employees on April 24, 2023. The cuts represent 4% of its global workforce, which totals around 19,000 employees, translating to approximately 760 jobs lost. This move is part of a broader trend of workforce reductions within the technology sector, as companies adjust to changing market conditions. The announcement highlights ongoing shifts in the industry, with Red Hat joining other tech firms in streamlining operations amid economic uncertainties.

The German rapid grocery delivery startup Flink has conducted a significant round of layoffs, reportedly cutting a substantial portion of its workforce. While the exact number of employees affected is not specified in the accessible content, the article indicates the company has grown large and then become small again under the quiet leadership of CEO Oliver Merkel. The layoffs are contextualized within the broader challenges facing the quick-commerce industry, which has seen widespread consolidation and cost-cutting as companies adjust to post-pandemic market realities and investor pressure for profitability. The event underscores the ongoing turbulence in the on-demand delivery sector.

Utah-based tech company Pluralsight conducted another round of layoffs this week, following a previous reduction of about 400 employees in December. The exact number of workers affected in this latest round has not been disclosed by the company. Pluralsight, a high-tech "unicorn" from Utah's "Silicon Slopes," is known for its online education platform and had previously moved some jobs to India. The layoffs are part of ongoing restructuring efforts within the tech industry.

Benchling laid off 74 employees representing approximately 9% of its workforce on 2023-04-21.

Ride-hailing company Lyft is laying off 1,072 employees, which represents about 26% of its corporate workforce, as part of a broader restructuring effort. The cuts, confirmed in an SEC filing in late April 2023, follow a previous 13% reduction in November 2022. New CEO David Risher, who began his tenure earlier that month, stated the move aims to streamline operations and refocus on better serving riders and drivers. With approximately 4,000 total employees, this significant reduction reflects ongoing pressures in the tech industry, where many companies are prioritizing efficiency amid economic challenges. Lyft's stock has struggled since its IPO, and the layoffs coincide with the company not filling an additional 250 open positions.

In April 2023, Indian neobanking unicorn Open laid off 47 employees, citing performance-based reasons amid a broader slowdown in fintech funding. The company, which became India's 100th unicorn in May 2022 after a $50 million Series D round, stated the layoffs were part of efforts to cut costs and extend its financial runway, with its founders also taking a 50% salary cut. While Open emphasized it is still hiring in key areas like growth marketing and product, affected employees reported abrupt dismissals with only one month's notice pay as severance. The firm, backed by Google and investors like Temasek, saw its losses widen to Rs 167 crore in FY22 despite revenue growth, reflecting the challenging market conditions prompting this restructuring.

Lenovo on 2023-04-20.

Israeli AI-powered talent marketplace startup Gloat has laid off approximately 35 employees, representing 12% of its total workforce of around 300 people. The company, which operates in Israel, the U.S., India, and Singapore, announced the cuts in April 2023, citing challenging market and economic conditions over the past year. Gloat, which had raised $90 million in a Series D round in June 2022, stated the move was a responsible action taken out of commitment to its mission and customers. The company provides a workforce agility platform used by major global enterprises.

Following a strategic review, Australian fintech firm Iress announced a management restructure and a 10 per cent reduction in its workforce in April 2023. The job cuts are part of a plan to refocus on core software offerings in financial advice, trading, and market data. The company aims to reinvest in its technology, enhance connectivity in wealth and trading platforms, and explore opportunities in AI and data analytics. This restructuring is intended to bring the company closer to its clients and drive higher accountability and performance across its operations.

BuzzFeed is shutting down its BuzzFeed News division and laying off approximately 180 employees, representing 15% of its workforce, as announced by CEO Jonah Peretti in April 2023. The decision stems from the division's inability to achieve profitability, with Peretti citing overinvestment in a model dependent on social media platforms that failed to provide sufficient financial support. The digital media company will now consolidate its news efforts into HuffPost, which it acquired in 2020 and describes as profitable and less reliant on social platforms. While layoffs affect nearly all divisions, BuzzFeed.com will continue operating, and the company plans to focus on innovation involving creators and AI, though it states no jobs are being replaced by AI.

Koo, the Indian microblogging platform and Twitter rival, has laid off approximately 30% of its workforce over the past year, affecting around 78 employees from its total of 260. The three-year-old startup cited the challenging market environment and global economic slowdown as key reasons, stating it needed to adopt a more efficient and conservative approach. Despite the layoffs, which occurred throughout 2023, the company emphasized it provided support to affected staff. Koo, backed by investors like Tiger Global and Accel, noted it is well-capitalized after a recent funding round and is focusing on revenue growth, claiming strong monetization metrics within India's competitive social media industry.

Insider, the digital media company, announced layoffs affecting 10 percent of its staff in April 2023, a move driven by challenging economic conditions and a significant decline in advertising revenue. The decision, communicated by company leadership, reflects broader struggles in the media industry as it adapts to an erratic economy. While the exact number of employees impacted wasn't specified, the cuts were part of an effort to keep the company healthy and competitive. Affected U.S.-based employees received severance packages, and the company noted that its international teams were not affected by this round of layoffs.

F5 laid off 623 employees representing approximately 9% of its workforce on 2023-04-19.

WalkMe, a digital adoption platform company, conducted its second round of layoffs in 2023, cutting 112 employees, which represents approximately 10% of its workforce. This follows an earlier layoff of 43 employees in January. CEO Dan Adika cited macroeconomic challenges and the need to build a leaner, more efficient organization to achieve profitability and long-term growth. The company, which went public on Nasdaq with a $2.5 billion valuation, is focusing its efforts on larger organizations with over 500 employees, moving away from small and medium-sized businesses. These difficult decisions aim to align the company with current economic realities and ensure sustainable success in the competitive tech industry.

Opendoor, a major iBuying company in the real estate technology industry, announced on April 18, 2023, that it is laying off 560 employees, representing 22% of its workforce of approximately 2,545. This reduction, primarily affecting operations roles, is a response to a sharp downturn in the housing market, driven by rising mortgage rates that have led to a significant decline in new listings. The company, which previously cut 550 jobs in November, is making these cuts to align operational costs with the current market reality while continuing to invest in technology for long-term growth.

Noon laid off 340 employees representing approximately 10% of its workforce on 2023-04-18.

TRM Labs laid off 16 employees representing approximately 9% of its workforce on 2023-04-18.

Australian food delivery service CoLab has ceased operations and laid off its entire team in April 2023, following a failed financing round and an aborted acquisition attempt. The direct-to-consumer startup, which specialized in delivering products from restaurants, cafés, and bars, collapsed due to unforeseen events that truncated its timelines. Founded from a merger and operating in the competitive food delivery industry, CoLab's closure occurred alongside similar difficulties for other local delivery startups, reflecting broader economic challenges in the sector.

HR software unicorn Culture Amp has laid off approximately 90 employees, representing about 9% of its roughly 1,000-person workforce. The cuts, announced by CEO Didier Elzinga in April 2023, are a response to ongoing tough macroeconomic conditions, particularly as the company's own customers reduce their headcounts. Despite initially trying other cost-saving measures, the Melbourne-based tech firm ultimately had to downsize to ensure long-term sustainability. Affected employees finished their roles on April 26, as the company restructured to operate more efficiently amid a challenging market for the HR and tech industry.

In April 2023, Indian teen-focused fintech startup FamPay conducted layoffs as part of a restructuring effort, with reports indicating nearly 50 employees were let go to cut costs and extend runway, though the company's CEO stated the number was less than 10. This follows the Bengaluru-based neobank's last major funding round—a $38 million Series A in 2021—with no subsequent raises, amid challenges in scaling and controlling expenses, as evidenced by a significant loss of Rs 43.3 crore against minimal revenue in FY22. The company, which has over 10 million users and had raised about $42.7 million total, also saw several top-level exits and was reportedly exploring fundraising or M&A opportunities, which its CEO denied.

Swiss-based tech company Utopia Music is cutting around 100 jobs, representing about 15% of its global workforce, as announced in a staff memo on Monday. This is the second round of layoffs in six months, following a 20% reduction in November, as part of a strategic shift to focus on financial services for the music industry. The company, which has been restructuring and divesting some recently acquired assets, cites market conditions and the need to adjust after a period of rapid growth.

Polish mobile game developer Ten Square Games announced on April 17, 2023, that it will lay off approximately 120 employees, representing 25% of its workforce, by the end of the month. The company cited a challenging economy and an unstable mobile games market as reasons for the cuts. Concurrently, Ten Square Games is suspending development on two major projects, 'Undead Clash' and 'Fishing Masters', leading to significant financial write-downs. The move aims to refocus resources on its core titles, Fishing Clash and Hunting Clash, and prepare for scaling another project, Wings of Heroes. The decision surprised the market and contributed to a drop in the company's share price.

Kumu, a social media and live-streaming platform based in the Philippines, laid off approximately 30 employees in early 2024 as part of a strategic restructuring to enhance operational efficiency. This reduction affected around 5% of its workforce, which totals about 600 employees. The decision was driven by the need to streamline operations and focus on sustainable growth amid competitive pressures in the tech and social media industry. As a mid-sized company in the digital entertainment sector, Kumu aims to optimize resources while continuing to serve its user community.

Clearcover laid off 81 employees representing approximately 15% of its workforce on 2023-04-17.

Ynsect laid off 17 employees representing approximately 25% of its workforce on 2023-04-17.

Paper, an educational technology company, laid off 81 employees, representing roughly 3% of its total workforce and 15% of its corporate non-tutor team, on April 17, 2023. The layoffs were part of a proactive restructuring decision by the leadership to accelerate the building of a comprehensive Educational Support System. CEO Philip Cutler stated the move was made to focus the company's resources prudently and sustainably, aiming to broaden student support from kindergarten through graduation. Despite strong growth in tutoring, the restructuring is intended to better serve students in the long term, with the company noting it remains in a strong financial position.

Israeli offensive cyber company QuaDream is shutting down in April 2023, laying off its entire remaining workforce. The company, which developed spyware tools, had already dwindled to a skeleton crew, reportedly with only two employees left to maintain equipment. Its closure follows a damning report from Microsoft and Citizen Lab, which linked QuaDream's hacking tools to attacks on journalists and activists across at least ten countries. This research was described as the final blow for the company, which had been struggling for months. The board is now attempting to sell the firm's intellectual property.

Sayurbox, an Indonesian e-grocery startup, conducted a round of layoffs just before the Eid al-Fitr (Lebaran) holiday in April 2023. While the exact number of employees affected in this specific round was not disclosed, the company cited a need for operational efficiency and restructuring. This decision followed a previous layoff in December that impacted 5% of its workforce. The CEO explained that while the B2B segment grew strongly, the B2C consumer market did not expand as anticipated post-pandemic. Consequently, Sayurbox consolidated its B2C warehouses and streamlined delivery services, leading to workforce reductions primarily within the B2C team. The company emphasized the move was difficult but necessary for long-term sustainability and offered affected employees compensation packages and job search assistance.

In November 2022, trade financing fintech startup Drip Capital laid off approximately 20% of its workforce, affecting over 75 employees out of a total of 400. The company, which operates in India, the U.S., and Mexico and provides digital financing solutions to small and medium businesses, described the move as part of a restructuring exercise. The layoffs, which primarily impacted tech, engineering, and sales teams, left employees surprised as they had been told just two months prior that the business was performing well. This restructuring occurred about a year after Drip Capital secured $175 million in funding in October 2021. The layoffs reflect broader trends in the startup sector, where many companies, including Drip Capital, have taken steps to reduce costs amid challenging funding conditions.

OpenClassrooms representing approximately 25% of its workforce on 2023-04-14.

Calibrate, a weight-loss telehealth startup based in New York City, laid off approximately 100 employees, representing 18% of its workforce, as it shifts its business model amid rising competition. This marks the company's second round of job cuts in nine months, following a 24% reduction in July. The company is pivoting from offering obesity drug prescriptions directly to consumers to focusing on enterprise partnerships, where it provides benefits services to large companies. While it will maintain a direct-to-consumer presence, the move reflects strategic adjustments in the competitive telehealth and wellness industry.

The provided content appears to be a list of cryptocurrency prices and does not contain any information about layoffs at Community Gaming or any other company. There is no mention of employee reductions, company context, dates, or industry details related to a layoff event. Therefore, a summary of a layoff cannot be generated from this material.

Snyk, a developer security platform, laid off 128 employees, representing approximately 14% of its workforce, on April 13, 2023. The company, operating in the cybersecurity industry, cited persistent challenging market conditions expected to last into early 2024 as the primary reason. To adapt, Snyk is restructuring to focus more on enterprise customer success, solidify its application security leadership, and simplify its organizational layers for greater agility. The layoffs primarily affected the go-to-market and corporate functions as part of this strategic shift to prioritize a consultative approach and better serve its evolving enterprise client base.

Nigerian crypto payments startup Lazerpay has ceased operations and shut down entirely as of April 13, 2023, after failing to secure necessary funding. This follows layoffs announced in November 2022. The company, which was launched in 2021 to help businesses accept stablecoin payments, had onboarded over 3,000 businesses and processed over $1 million in transactions. Founder Emmanuel Njoku stated the difficult decision was unavoidable despite the team's efforts. Lazerpay is now advising merchants to withdraw their funds by April 30, 2023, and is open to offers from companies interested in purchasing its intellectual property.

Bluepad, a Bengaluru-based vernacular content platform, has shut down operations, resulting in the layoff of its entire team. The startup, which had raised $250K in pre-seed funding in 2021, was unable to secure further investment or establish a reliable monetization model. Founded in 2020 to serve as a "Medium for the non-English speaking population" with a focus on Marathi, Bluepad struggled to demonstrate strong user demand and sustainable revenue prospects. This closure reflects the broader challenges within India's startup ecosystem during a severe funding downturn, where many early-stage ventures have been forced to wind down.

Heygo, a London-based virtual travel platform founded in 2020, has permanently shut down this week after nearly three years in operation. The startup, which raised $20 million in venture capital in early 2022, was launched to offer virtual tours led by local guides during the pandemic. However, founder John Tertan stated that post-Covid, the market for virtual experiences wasn't large enough to sustain the business, leading to the decision to return capital and cease operations. The company had previously generated significant income for tour guides during lockdowns but ultimately couldn't maintain growth as travel resumed.

Mediafly, a revenue enablement software company, has conducted a layoff, letting go of a number of employees. The decision, announced by CEO Carson V. Conant, was made to achieve operational efficiency and profitability following an intense period of rapid growth through acquisitions. Over the past 15 months, the company doubled in size by acquiring five companies, leading to a need for restructuring and integration. While the exact number of affected employees and the percentage were not disclosed, the layoffs are part of a strategic shift to focus on customer commitment, product innovation, and financial discipline. The company is providing support and referrals to help the departing team members find new roles.

Science 37 laid off 140 employees on 2023-04-12.

Medtronic laid off 59 employees on 2023-04-12.

In April 2023, satellite internet company Viasat laid off approximately 300 employees globally, representing about 4% of its workforce. This included 72 positions at its Carlsbad headquarters and 35 remote workers in California, with the cuts becoming permanent in early June. The layoffs, affecting various technical roles, followed a strategic review and were partly due to the divestiture of its Link 16 Tactical Data Links business to L3Harris earlier that year. Viasat is undergoing a significant pivot, focusing on global expansion and enhancing space-based bandwidth with its new ViaSat-3 satellite series, while also pursuing a major acquisition of Inmarsat to strengthen its competitive position against rivals like Starlink.

In April 2023, Delhi-based electric vehicle startup Euler Motors laid off approximately 10% of its workforce, affecting around 50 employees out of a total of 500, as part of a restructuring effort. The company, which had raised $60 million in a Series C round led by GIC Singapore in late 2022, cited the need for a course correction amidst a challenging funding environment. Despite reporting strong year-on-year growth and a solid product order book, Euler Motors aimed to trim costs and improve financial sustainability, having seen its losses nearly double in the previous fiscal year. The layoffs reflect a broader trend among startups striving for profitability while scaling operations, with Euler targeting significant sales and production increases in the coming fiscal periods.

Acxiom on 2023-04-11.

Australian grocery delivery startup MilkRun is shutting down entirely, making all 400 employees and riders redundant as of April 14, 2023. This full closure follows a previous layoff of 20% of its staff in February, which was part of a consolidation effort. The company, which launched in 2021 and raised significant funding, cited deteriorating economic and capital market conditions as the primary reason. Despite building a strong brand and customer experience, the instant delivery startup could not achieve profitability at the required scale in the challenging post-pandemic investment climate, mirroring the fate of other local competitors in the industry.

Redfin laid off 201 employees representing approximately 4% of its workforce on 2023-04-11.

UK-based adtech firm Permutive, backed by SoftBank, announced a significant layoff this week affecting just under 80 employees, which represents about 40% of its total staff. This follows a previous round in August 2022 that cut 12% of roles. CEO Joe Root cited a challenging economic environment, an 80% drop in late-stage venture capital funding, and a need to prioritize profitability as reasons for the restructuring. The company, which provides audience segmentation and data clean room technology to publishers, is undergoing formal consultation processes in the UK and internationally. This move reflects broader pressures in the digital advertising industry, where slowing ad spend and rising costs have prompted widespread cost-cutting.