Layoff Events

DUX Education, a K-12 edtech startup based in Bengaluru, is ceasing all operations by April 2023 due to an inability to secure funding amid the ongoing investment crunch in India's startup ecosystem. The company, which had a team of nine employees managing over 250 online batches, will wind down after completing the academic year through March. Founded in 2020, DUX served more than 15,000 students with curriculum-based online classes but ultimately could not sustain itself without fresh capital, joining a growing list of edtech closures and layoffs across the industry.

MeridianLink, a financial technology (fintech) company, announced on February 28, 2023, a workforce reduction affecting approximately 9% of its employees. This decision, communicated by CEO Nicolaas Vlok, is part of a restructuring effort to consolidate functions, flatten the organizational structure, and improve efficiencies to better support long-term growth and customer service. The layoffs were attributed to the need to solidify the company's foundation amid macroeconomic challenges and to prioritize customer-centric investments. Impacted employees were offered severance packages, benefit continuation, and career support.

Electronic Arts laid off 200 employees on 2023-02-28.

Stytch laid off 19 employees representing approximately 25% of its workforce on 2023-02-27.

Mental-health startup Cerebral is laying off 285 employees, representing 15% of its workforce, as announced on February 27, 2023. This marks the company's third round of staff reductions in less than a year, following previous cuts in mid-2022 and October. CEO Dr. David Mou stated the layoffs are necessary to maintain a sustainable business and refocus on core patient services. The company, which provides telehealth for conditions like anxiety and depression, has faced significant turmoil, including federal investigations into its prescription practices for controlled substances like Adderall. These challenges have forced Cerebral to restructure in an effort to stay afloat after a period of rapid growth.

Sono Motors, a German electric vehicle startup, laid off approximately 300 employees, representing nearly all of its workforce, in early 2023. This drastic reduction followed the company's decision to cancel its flagship Sion solar-electric car project due to insufficient funding and a failed crowdfunding campaign. The layoffs, which affected around 90% of the staff, were part of a strategic shift to focus on licensing its solar technology to other manufacturers in the automotive industry. The move marked a significant downsizing for the once-promising startup, which had aimed to bring an affordable solar-assisted EV to market.

Fintech firm Amount laid off approximately a quarter of its workforce in February 2023, affecting a significant portion of its staff amid broader challenges in the banking and finance technology sector. While the exact number of employees impacted wasn't specified, the reduction reflects strategic adjustments within the company. The layoffs occurred as the industry faced economic headwinds, leading many firms to streamline operations to ensure long-term sustainability.

Palantir, the data analytics software company known for its government and defense work, is laying off approximately 75 employees, representing about 2% of its workforce of 3,838. The company confirmed the cuts on Monday, stating it was a tough but necessary choice to reduce teams in several areas as it reaches an inflection point and aims to continue evolving. This move follows Palantir's recent report of its first profitable quarter and an 18% revenue increase, yet it aligns with a broader wave of layoffs across the tech industry as companies adjust after a period of rapid growth. Despite the reductions, Palantir plans to continue hiring in strategically important areas.

Outreach laid off 70 employees representing approximately 7% of its workforce on 2023-02-27.

American cybersecurity company BitSight has shut down its Israel-based R&D center, laying off the entire local team of 40 employees. This closure comes just 17 months after BitSight established the center through its acquisition of Israeli startup VisibleRisk in September 2021. The decision is attributed to the broader financial and high-tech market crisis. BitSight, which serves over 2,300 customers globally and was valued at $2.4 billion at the time of the acquisition, is consolidating its operations amid the challenging economic climate.

Twitter laid off 200 employees representing approximately 10% of its workforce on 2023-02-25.

SAP Labs, the research and development unit of German technology giant SAP, laid off approximately 300 employees in India in late February 2023. This reduction, primarily affecting offices in Bengaluru and Gurgaon, resulted from the closure of a global delivery center that handled custom development for SAP implementation projects. The layoffs are part of a broader strategic transformation, as the company shifts focus toward cloud services and high-growth opportunities, aligning with a global restructuring that impacted around 3,000 roles. Affected staff, including some with over a decade of experience, received severance packages based on their tenure. This move contrasts with SAP Labs' earlier plans to significantly expand its workforce in India by 2025.

Ericsson laid off 8,500 employees representing approximately 8% of its workforce on 2023-02-24.

Poshmark, a secondhand fashion marketplace based in Redwood City, California, laid off less than 2% of its workforce in late February 2023, just two months after its $1.2 billion acquisition by South Korean internet giant Naver. The cuts primarily affected U.S. employees within the company, which had over 800 staff. The layoffs were attributed to the broader economic slowdown and the company's strategic realignment as it returned to being a private entity. This move reflects a wider trend of cost-cutting and downsizing across the tech and e-commerce sectors during the economic downturn.

EQRx, a biotechnology company focused on reimagining drug pricing, is laying off 18% of its workforce as part of a restructuring effort to conserve cash and improve operational efficiency. The cuts, approved by the board on February 24, 2023, will reduce the company's headcount to about 300 employees. This move follows a strategic shift after the FDA requested additional trial data for its lead cancer drug, leading EQRx to abandon U.S. approval plans. The biotech industry is facing market turbulence and tighter financing, prompting similar workforce reductions across the sector. EQRx aims to lower operating expenses and extend its financial runway into 2028 with approximately $1.4 billion in cash.

Eat Just laid off 40 employees on 2023-02-24.

Velodyne Lidar, a San Jose-based provider of laser-based lidar technology for autonomous vehicles and other applications, laid off 220 employees in February 2023. These job cuts were part of a broader wave of nearly 600 Bay Area reductions announced by tech and life science firms at the time. The layoffs at Velodyne followed its recent merger with another lidar company, Ouster, as the combined entity streamlined operations. This move reflected ongoing consolidation and cost-cutting pressures within the competitive lidar and automotive technology industry.

Stax laid off 24 employees on 2023-02-24.

EVgo laid off 40 employees on 2023-02-23.

Dapper Labs representing approximately 20% of its workforce on 2023-02-23.

Merative, the healthcare data and analytics company formerly known as IBM Watson Health, is laying off an estimated 200 employees, representing about 10 percent of its roughly 2,000-person workforce, as reported in February 2023. The layoffs are part of the company's strategic realignment following its acquisition by Francisco Partners. According to sources, the job cuts are associated with shifting roles offshore to reduce costs, with affected employees, including some over the age of 40, receiving three months of severance. This move continues a trend of restructuring within the health tech industry, as Merative focuses on its core product lines for long-term growth.

Berlin-based football media startup OneFootball has laid off approximately 150 employees, reducing its global workforce from 470 to 320. This represents a cut of about 32% and marks the second round of layoffs in a few months, following over 60 dismissals in December 2022. Founder Lucas von Cranach attributed the cuts to overambitious expansion, particularly into a blockchain-based digital collectibles project, which diverted focus and resources from cost control and core strategy. Despite reaching "unicorn" status with a billion-dollar valuation in 2022 and serving over 130 million monthly users, the company is now refocusing on its primary business. The layoffs occurred in late February 2023.

On February 23, 2023, StrongDM, a cybersecurity company specializing in Universal Privileged Access Authorization (UPAA), laid off 40 employees. The layoffs were a result of strategic growth missteps and the need to refocus the company's product and revenue strategy amid broader economic challenges affecting the tech sector. CEO Tim Prendergast stated that cost optimizations, including vendor reviews, were insufficient, as employee compensation was the largest expense, necessitating a team restructuring. The company, which serves clients ranging from Fortune 100 companies to startups, is focusing on its long-term plan to revolutionize traditional Privileged Access Management (PAM).

Vibrent Health representing approximately 13% of its workforce on 2023-02-23.

Online fashion retailer The Iconic has laid off 69 employees, representing 6% of its workforce, as part of a broader restructuring announced in February 2023. The cuts, all at the head office level, are part of the company's shift to transform into a platform business model, which involves streamlining operations and rescoping roles. Some affected staff may be redeployed within the business. The Sydney-based e-commerce company, part of the Global Fashion Group, aims to enhance its marketplace and fulfillment services while continuing to serve over 2.2 million customers in Australia and New Zealand.

Crypto intelligence firm Messari laid off 15% of its global workforce in February 2023 as part of a restructuring effort to navigate challenging market conditions. The company, led by CEO Ryan Selkis, cited market headwinds in the broader crypto and tech sectors as the reason for this difficult decision, which followed a $35 million Series B funding round the previous year. Messari stated the move was a long-term realignment to better serve customer data needs and that it still planned to hire for open roles. This made Messari another prominent crypto company, alongside firms like Coinbase and Polygon Labs, implementing job cuts during the ongoing crypto winter.

Locomation representing approximately 100% of its workforce on 2023-02-22.

Arch Oncology on 2023-02-22.

Australian crypto gaming startup Immutable laid off 11% of its workforce in an internal announcement. The company, valued at $3.5 billion last year, cited a need to extend its cash reserves and focus resources on key projects, despite having $280 million in cash. This move follows a reported annual loss and is part of a broader trend of staff cuts in the tech startup sector, influenced by investor caution and a turbulent crypto market.

Jounce Therapeutics, a clinical-stage biotechnology company focused on cancer immunotherapies, announced a significant restructuring on February 22, 2023, reducing its workforce by approximately 57 percent. This difficult decision stems from the company's assessment that its key clinical programs, JTX-8064 and vopratelimab, require more funding and a broader scope than Jounce can pursue independently. While data from the SELECT and INNATE trials showed promise, it was not sufficient for the company to advance the programs alone. Jounce will now seek business development opportunities to potentially continue this work. The restructuring, to be substantially completed by March 31, 2023, will result in a non-recurring charge of about $11.2 million.

TaskUs, a business process outsourcing (BPO) company, has laid off approximately 3% of its global workforce, affecting around 300 employees out of a total of about 10,000. The layoffs, which occurred in early 2023, are part of a strategic restructuring effort to improve operational efficiency and align resources with evolving client demands in the competitive technology and customer service support industry. As a publicly traded company, TaskUs aims to streamline its operations amidst shifting market conditions.

Synamedia, a global video software provider, has laid off approximately 200 employees, representing 12% of its workforce. This round of cuts, announced in February 2023, marks the company's second restructuring in recent months, following a smaller layoff the previous November. The company cited economic headwinds and a need to align its product strategies with evolving video market demands as reasons for the reduction. While affecting global operations, the layoffs include dozens from its Israel headquarters, though Synamedia emphasized that its Israeli hub remains a key center for innovation and security. The company, which serves major broadcasters and content providers, is navigating a challenging tech landscape with these workforce adjustments.

Basis Technologies, a provider of cloud-based workflow automation and business intelligence for the ad-tech industry, laid off approximately 40 employees, representing about 4% of its workforce, in a restructuring move around early February 2023. The layoffs primarily affected sales and service groups, including several senior team members. The company, which recently integrated programmatic guaranteed buying into its platform, cited restructuring as the reason, reflecting broader challenges in the technology and advertising sectors.

Crunchyroll laid off 85 employees on 2023-02-21.

Ethos Life laid off 50 employees on 2023-02-21.

Polygon, an Ethereum Layer-2 scaling startup in the blockchain industry, has laid off approximately 100 employees, representing 20% of its workforce, as part of a consolidation process. The Mumbai-based company, which consolidated multiple business units under Polygon Labs earlier this year, announced the restructuring in February 2023 amid the ongoing "crypto winter." Despite raising $450 million in funding nearly a year prior and maintaining a healthy treasury, the company made this move to streamline operations and crystallize its strategy for the next five years. The affected employees will receive three months of severance pay. This decision reflects broader challenges in the startup ecosystem, where many Indian companies have similarly reduced staff due to funding constraints.

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.

In February 2023, ride-hailing platform Bolt laid off 17 employees from its Nigerian operations as part of a restructuring effort to improve operational processes in the country. This reduction affected 24% of its 70-person workforce in Nigeria, primarily impacting junior and mid-senior staff. The layoffs occurred despite Bolt's recent announcement of global hiring plans and a significant investment initiative in Africa. Affected employees received severance packages based on tenure, along with additional support such as extended health insurance and career coaching. This move highlights the strategic adjustments within the competitive ride-hailing industry, even as the company, valued at $8.4 billion, continues to expand its global footprint.

Zalando on 2023-02-21.

PeerStreet on 2023-02-21.

Criteo, a France-founded ad tech company with over 3,100 employees, conducted layoffs in mid-February 2023, affecting teams on both sides of the Atlantic. While exact numbers are unconfirmed, social media posts suggest the cuts could impact up to 8% of the workforce, which would amount to approximately 250 employees. The layoffs come amid a challenging economic climate and a 14% year-over-year revenue dip in Q4 2022, as the company attempts to transition from its historic ad retargeting business to reposition itself as a retail media outlet. Speculation indicates these cuts may also serve as a prelude to a potential sale, with companies like Shopify and The Trade Desk rumored as interested buyers.

Kinde laid off 8 employees representing approximately 28% of its workforce on 2023-02-20.

Digital assets infrastructure unicorn Fireblocks is laying off 30 employees, representing 5% of its workforce, as part of a small restructuring to optimize for its next wave of growth. The company, which had raised $550 million at an $8 billion valuation in early 2022, announced the layoffs in February 2023. This marks its first workforce reduction since the tech downturn began. Despite the challenging crypto market, Fireblocks had recently reported surpassing $100 million in annual recurring revenue. The layoffs, affecting about half of its Israeli staff, are intended to better position the company to serve new verticals and meet business objectives in the coming year.

Bengaluru-based community and security management startup MyGate has laid off 30% of its workforce, approximately 200 employees, reducing its team from 600 to 400. This recent round of job cuts, affecting mid-management and junior roles, follows a similar reduction in December 2022. The layoffs are attributed to the ongoing funding winter and macroeconomic pressures, a trend impacting many Indian startups and global tech giants. MyGate, founded in 2016 and backed by investors like Tiger Global, provides security solutions for residential complexes. The company offered a two-month severance to some affected employees, while others received no package.

In February 2023, the direct-to-consumer and retail meat brand Fipola ceased all operations, entering a liquidation process to clear outstanding dues. The company, which had previously announced aggressive expansion plans aiming for 250 outlets across India by 2023-24 and had appointed actor Nayanthara as brand ambassador in August 2022, was forced to shut down. Founder and Managing Director Sushil Kanugolu cited an inability to raise necessary funds due to unfavorable market conditions as the primary reason. This followed months of speculation and complaints from unpaid vendors and some staff in late 2022. The closure affected its 48 stores across several South Indian cities and its online services, marking a significant shutdown in the D2C retail meat industry.

HP is laying off approximately 100 employees in Israel as part of broader workforce reductions, impacting its local workforce of about 2,600. The layoffs, announced in February 2023, primarily affect HP Indigo, the company's largest division in Israel focused on digital printing press manufacturing, with additional cuts in marketing and local headquarters operations. This move reflects ongoing adjustments within the technology and printing industry, as HP, a global tech giant, streamlines its operations amid market challenges.

Chipper Cash laid off 100 employees representing approximately 33% of its workforce on 2023-02-17.

In February 2023, Evernote, the note-taking and task management app, laid off 129 employees following its acquisition by Milan-based app developer Bending Spoons. The layoffs, which occurred on February 17, affected a wide range of teams including product design, engineering, HR, sales, customer service, and marketing. A company spokesperson stated the decision was difficult but necessary, citing Evernote's long-term unprofitability as unsustainable. This move appears aimed at restructuring the company for profitability under its new corporate parent, despite Bending Spoons' own strong financial position, including a recent $340 million funding round. The layoffs reflect ongoing challenges for Evernote in a competitive market against rivals like Notion.

Micron Technology, a major semiconductor manufacturer based in Boise, Idaho, announced in February 2023 that it expects to cut its global workforce by approximately 15%, exceeding its initial December 2022 announcement of a 10% reduction. This adjustment, affecting a company with about 48,000 employees, is a response to a severe market downturn and weakened demand for its DRAM and NAND memory products. The layoffs are part of broader cost-cutting measures, including reduced capital expenditures and executive pay cuts, aimed at aligning the company's operations with challenging 2023 market conditions. The exact number of layoffs at its Idaho headquarters remains unspecified.

Based on the provided content, there is no information about a layoff event at a company named "Reserve." The text appears to be a generic sign-up or login interface for LinkedIn, containing no news, article content, or details about any company's workforce changes. Therefore, it is not possible to generate a summary of a layoff event from this material.