Layoff Events

Mohalla Tech, the parent company of social media platforms ShareChat and Moj, has laid off 500 employees, representing approximately 20% of its workforce. This decision, part of a broader restructuring, follows the recent shutdown of its fantasy gaming platform Jeet11, which led to 100 job cuts, bringing the total layoffs to 600. The company cited a need to reduce employee costs amid cautious investment sentiments and a challenging funding environment. Mohalla Tech, a Bengaluru-based content unicorn valued at $5 billion, reported a significant loss of INR 2,498.6 crore in FY22. Affected employees will receive severance packages including notice period pay, additional compensation, and extended benefits.

Gramophone, an agritech startup, has conducted layoffs as part of a broader trend affecting Indian startups in early 2023. While the exact number of employees let go at Gramophone is not specified in the article, it is mentioned within the context of agritech firms beginning layoffs after a two-year funding boom. The layoffs across the sector, including at companies like Dunzo, ShareChat, and Rebel Foods, are driven by a funding winter and macroeconomic uncertainties, leading firms to rein in costs and optimize operations. This wave of job cuts follows a challenging 2022, where nearly 18,000 startup employees were laid off, and reflects ongoing cautiousness in the consumer internet and tech industries at the start of the new year.

ClearCo, a Canadian fintech startup that achieved unicorn status in 2021, has laid off approximately 50 employees, representing just under 30% of its workforce, as part of a major restructuring. This marks the company's second significant round of layoffs within a year, following a 25% reduction in July 2022. The cuts, spanning various departments and levels, reduce the total headcount to 140—a dramatic 72% decrease from its peak of over 500 employees just six months prior. The layoffs coincide with a leadership change, as co-founder Michele Romanow steps down as CEO, replaced by investment banker Andrew Curtis. The company aims to achieve cash flow break-even in 2023 amidst these ongoing adjustments in the competitive e-commerce financing sector.

In January 2023, PagBank, the digital bank of PagSeguro, conducted a significant layoff, dismissing approximately 7% of its workforce, which equates to about 500 employees out of a total of roughly 7,000. The neobank stated these cuts were aimed at improving company efficiency following a period of team growth, aligning with broader trends seen among technology companies and fintechs globally. The layoffs impacted all areas, with a notable concentration in technology roles such as agile development, product, and UX. This move was part of a series of workforce reductions observed in Brazilian companies at the start of the year.

Rebel Foods representing approximately 2% of its workforce on 2023-01-16.

In January 2023, the Israeli-founded, New York-based corporate gifting platform Snappy announced a significant workforce reduction, laying off approximately 100 employees. This cut represents about 30% of its global team, with only a small number of the affected employees based in Israel. CEO Hani Goldstein cited the need to adjust the company's financial strategy toward sustainable growth and profitability amidst broader economic shifts and uncertainties affecting the tech industry. The layoffs follow a period of rapid expansion and investment, including a $70 million Series C funding round in 2021.

Arch Oncology, a Roche-backed biotech startup, has laid off all its employees after discontinuing development of its anti-CD47 antibody program. The company, based in Brisbane, California, effectively ceased operations, resulting in a 100% reduction of its workforce. This decision, reported in January 2023, reflects the high-risk nature of the biotechnology industry, where startups often pivot or shut down when key drug candidates fail to progress. The move underscores the challenges in targeting the CD47 pathway in oncology.

Indian ride-hailing and electric vehicle company Ola laid off approximately 200 employees in a restructuring exercise during the second week of January 2023. The job cuts affected teams across both Ola Cabs and Ola Electric, with the company citing a need to improve efficiencies and eliminate redundant roles. This downsizing, which had been under consideration since the previous September, occurred as the company aimed to streamline operations. Ola, a major player in the mobility and EV industry, stated it continues to hire for priority areas like engineering and design despite this reduction.

Healthtech startup Vial laid off its entire site network division in October 2022, affecting 40 to 50 employees, which represented about 32-40% of its then 125-person workforce. These cuts, part of multiple rounds of layoffs that year, came as a surprise to staff, especially since the company announced a $67 million Series B funding round just weeks later. The layoffs resulted from a strategic shift away from managing clinical trial divisions at clinics to focusing on its software offerings. Founded in 2020, Vial operates in the healthtech industry, helping biotech companies run clinical trials.

In January 2023, Xiaomi-backed Chinese gaming phone maker Black Shark underwent severe layoffs, reducing its workforce from over 1,000 employees to just over 100, meaning hundreds were cut, representing a drastic reduction of roughly 90%. The company cited tremendous operational difficulties following a failed acquisition deal with Tencent Holdings. Multiple rounds of layoffs since August 2022 culminated in affected employees receiving incomplete severance payments, with some reporting as little as 2,000 yuan, sparking public outcry on social media. Black Shark, operating in the competitive smartphone and gaming hardware industry, pledged to address its funding issues to fulfill remaining severance obligations.

Bonterra, a fundraising software company formed from the merger of Social Solutions, CyberGrants, EveryAction, and Network for Good, laid off 140 employees, representing 10% of its workforce, on January 13, 2023. The cuts, affecting all levels and legacy entities, were announced via email by new CEO Mark Layden, who cited a strategic restructuring to streamline operations after the company's growth to over 1,000 employees. The layoffs follow recent leadership changes and private equity-backed acquisitions, with the company aiming to reshape its business for future growth in the nonprofit technology sector.

Jellyfish representing approximately 9% of its workforce on 2023-01-13.

GoCanvas, a construction technology company, conducted a reduction in force this week, resulting in layoffs of an unspecified number of employees. The announcement, made by a company executive, emphasized the contributions of those affected and highlighted the company's commitment to supporting both current team members and alumni in their career transitions. While exact figures regarding the total workforce, percentage impacted, and specific reasons were not disclosed, the move reflects broader adjustments within the tech industry. The company, known for its mobile platform for field data collection, operates in the construction and field service sectors.

Carvana on 2023-01-13.

CoSchedule on 2023-01-13.

Mapbox, a mapping and location data platform provider, conducted a layoff in early 2024, affecting approximately 28 employees, which represented about 10% of its workforce at the time. The reduction was part of a broader restructuring effort to streamline operations and focus on core business priorities amid a challenging economic environment for the tech industry. The company, which operates in the software and geospatial technology sector, has scaled back as it navigates market pressures and aims for sustainable growth.

Lending Club laid off 225 employees representing approximately 14% of its workforce on 2023-01-12.

On January 12, 2023, Tokyo-based news aggregator SmartNews, a company valued at $2 billion, laid off approximately 120 employees, representing 40% of its workforce in the U.S. and China. The cuts primarily affected roles in engineering, product, and data science. The company, which employs nearly 900 people globally, cited challenging economic conditions as the reason for the restructuring. Following the announcement, which was made during a remote all-hands meeting, SmartNews also indicated plans for further voluntary departures in its home market of Japan. The layoffs are part of a broader effort to streamline operations amid a difficult market environment for the tech and media industry.

Career Karma, an edtech startup providing a learning navigation platform, laid off 22 employees in January 2023, following a previous cut of 60 staff five months earlier. This latest reduction, confirmed by CEO Ruben Harris, reflects ongoing challenges in the edtech sector as companies adjust to a tougher macroeconomic climate. The layoffs are part of a strategy to extend the company's financial runway to five years, shifting from a more typical three-year plan, amid slower enterprise sales cycles and investor caution. The move underscores the industry-wide pressure to right-size operations and adapt to uncertain demand from large corporate customers.

Lattice, an HR software company, is laying off approximately 15% of its workforce as part of a reorganization to adapt to changing economic conditions. CEO Jack Altman announced the difficult decision, citing that while revenue has grown fivefold since the pandemic, costs increased even more in anticipation of continued rapid growth that now seems unlikely. The shift from a low-interest-rate environment in 2020-2021 to a 2023 landscape where customers are cutting spending has forced Lattice to prioritize efficiency over expansion. This restructuring means the company will maintain a relatively flat headcount for FY'24, moving away from previous aggressive hiring practices to build a more sustainable business focused on long-term strategy and customer experience.

Definitive Healthcare laid off 55 employees representing approximately 6% of its workforce on 2023-01-12.

Akili Labs laid off 46 employees representing approximately 30% of its workforce on 2023-01-12.

In January 2023, the Bengaluru-based fintech startup Cashfree Payments laid off approximately 100 employees, representing about 6-8% of its workforce, as part of a cost-reduction effort amid a challenging funding environment. The company, backed by YCombinator and Apis Partners and valued at $200 million, conducted this organizational restructuring primarily affecting sales and merchant onboarding roles. This move reflects broader pressures in the fintech sector, including a funding crunch and tightening regulations from the Reserve Bank of India, which have complicated Cashfree's plans to raise additional capital.

In January 2023, the fintech startup Greenlight, which provides debit cards and financial education tools for kids, laid off 104 employees. This reduction represented over 21% of its then total workforce of 485 people, leaving the company with 381 staff. The layoffs were implemented to optimize operating expenses and better align with the challenging macroeconomic environment and ongoing economic slowdown. The Atlanta-based company, which had raised significant venture funding, stated it remains committed to its mission of improving financial literacy for families while focusing on serving its growing customer base in the year ahead.

In January 2023, the Brazilian insurtech startup Pier laid off approximately 111 employees, representing about 39% of its workforce. The cuts impacted various departments, including technology, sales, and human resources. This significant reduction followed a year where the company celebrated over R$100 million in revenue and served more than 120,000 customers. The layoffs occurred amidst a broader wave of job cuts in Brazil's startup sector, despite Pier having secured substantial funding rounds in the preceding years.

Life360 representing approximately 14% of its workforce on 2023-01-12.

Rock Content, a Brazilian content marketing and technology company, began 2023 with an internal "adjustment," laying off 15% of its workforce. Based on its reported LinkedIn headcount of 929 employees, this translates to approximately 139 people being let go. The layoffs were communicated on January 11, 2023, and affected various departments, including technology and sales, with some long-tenured employees among those dismissed. CEO Diego Gomes stated the difficult decision was necessary to make the company more sustainable and focused, aiming to return to profitability after efforts to streamline operations throughout 2022. This move reflects broader challenges within the tech and startup sector.

Supply chain software startup Flexport is laying off approximately 640 employees, representing 20% of its global workforce, as announced by co-CEOs Ryan Petersen and Dave Clark. The company, which was valued at $8 billion and topped CNBC's Disruptor 50 list last year, is responding to a global macroeconomic downturn and softening trade volumes that have reduced demand and volume forecasts for 2023. Like many tech firms that expanded rapidly during the pandemic, Flexport now faces the need to streamline operations and improve efficiency. The layoffs, announced in early 2023, aim to position the company for long-term success by becoming more nimble and fiscally responsible as it navigates challenging economic conditions.

Verily laid off 250 employees representing approximately 15% of its workforce on 2023-01-11.

On January 12, 2023, the crime-reporting and neighborhood safety app Citizen laid off 33 employees. The company, which operates in the consumer technology and social networking industry, confirmed the staff reduction, noting that impacted employees received a severance package including career support and extended benefits. While the exact percentage of the workforce affected was not disclosed, at least 10 engineers were among those let go. Founded in 2016, the private company had most recently raised a $73 million Series C in early 2021. The layoffs come as Citizen, which has seen over 14 million downloads, has faced ongoing criticism and controversy regarding its approach to crime reporting and user safety.

Intrinsic laid off 40 employees representing approximately 20% of its workforce on 2023-01-11.

Carta, a $7.4 billion equity management platform, has laid off approximately 10% of its workforce, affecting around 200 employees, in January 2023. CEO Henry Ward cited the broader downturn in the tech and venture ecosystem, stating that customer struggles directly impact the company. This reduction follows similar cost-cutting measures in travel and vendor spending. The layoffs coincide with a lawsuit against its former CTO for alleged misconduct and reported customer dissatisfaction with service continuity. Severance includes 2.5 months of pay plus additional weeks per year of service, with support for visa holders and mental healthcare.

Jumio, an identity verification provider, has laid off over 100 employees, representing less than 6% of its approximately 1,500-strong workforce. The downsizing, confirmed in January 2023, affected teams in the U.S., international, and India offices. The company cited the lagging economic impact of COVID-19 and current market challenges as reasons, stating it needed to focus on core business areas and reduce spending on underperforming investments to remain competitive. Jumio is offering placement services and support to those impacted, emphasizing the difficult decision was made to ensure the company's strategic future growth in the biometrics and digital identity industry.

Embark Vet, a pet genetics and personalized care company, conducted a workforce reduction yesterday as part of its response to a challenging business environment over the past year. The layoffs were a difficult decision aimed at positioning the company to become a leader in the growing personalized pet care market in the coming years. While the exact number of affected employees and the percentage of the total workforce were not disclosed in the post, the company expressed gratitude for the contributions of the talented team members impacted. Embark Vet focuses on helping pet owners, veterinarians, and breeders improve dog health and longevity through its services.

Israeli fintech unicorn Tipalti laid off 123 employees in January 2023, representing 11% of its then 1,086-person workforce. The company, which provides accounts payable automation software, cited a need to adjust its operational scale following a period of rapid expansion. This restructuring occurred over a year after Tipalti's significant $270 million funding round in late 2021, which had quadrupled its valuation to $8.3 billion. The layoffs affected 37 of its 410 employees based in Israel.

Qualtrics laid off 270 employees representing approximately 5% of its workforce on 2023-01-11.

Indian cryptocurrency exchange CoinDCX conducted a quiet round of layoffs in December 2022, affecting an estimated 80 to 100 employees, primarily from its marketing, branding, and activation teams. This represents roughly 12-16% of its then 642-person workforce. The move was part of a broader business restructuring and cost-cutting effort, mirroring industry-wide challenges as crypto exchanges globally face difficult market conditions and regulatory hurdles. While the company publicly framed the changes as an internal reshuffle and hiring for new roles, sources described it as silent layoffs where employees were asked to resign with a month's severance pay. This followed a period of aggressive hiring by CoinDCX and coincided with major layoffs at its investor, Coinbase.

Limeade representing approximately 15% of its workforce on 2023-01-11.

Cloud infrastructure company HashiCorp conducted layoffs in early 2023, affecting an unspecified number of its approximately 2,400 employees. The cuts were part of broader industry challenges, with former employees sharing their experiences on LinkedIn. While the exact percentage is not detailed, the layoffs reflect a period of restructuring and economic uncertainty impacting the tech sector. HashiCorp, known for its DevOps and cloud automation tools, faced tough decisions amid shifting market conditions, leading to job reductions across various teams as the company adjusted its strategy.

In a difficult week for the fintech and e-commerce software company Paddle, CEO Christian Owens announced the layoff of 8% of its team. While the exact number of employees affected was not specified, the reduction reflects broader economic pressures and strategic adjustments within the tech industry. The layoffs occurred in late 2022, as indicated by the post date. Paddle, a scale-up company providing payment infrastructure for software businesses, handled the process with supportive measures for departing staff, including extended severance and accelerated equity vesting.

Oyster on 2023-01-11.

Esper representing approximately 21% of its workforce on 2023-01-10.

Toronto-based delivery and logistics startup GoBolt laid off 55 employees in early January 2023, impacting approximately five percent of its workforce of over 1,000. The layoffs were announced by co-founder and CEO Mark Ang, citing economic uncertainty and a strategic shift to focus spending on areas with a clear, immediate return on investment. The company is pivoting its focus away from small-to-medium-sized businesses to concentrate solely on its more profitable mid-market and enterprise merchant segments. This restructuring comes about a month after GoBolt secured $75 million in Series C funding for North American expansion and growing its electric vehicle fleet, highlighting the challenging climate for tech firms despite recent financing.

Cloud Software Group, the enterprise software company formed by the merger of Citrix and Tibco, has laid off 15% of its workforce, affecting thousands of employees. The layoffs, confirmed by CEO Tom Krause in January 2023, are part of a restructuring plan following the company's formation after private equity firms Vista Equity Partners and Evergreen Coast Capital took Citrix private in a $16.5 billion deal. The move is aimed at cost-cutting and streamlining the combined entity in the competitive enterprise software industry.

Israeli-founded cybersecurity company Forescout Technologies laid off around 100 employees from its Israeli R&D center in January 2023, representing 60% of its local staff and about 10% of its total global workforce. This marked the company's second round of layoffs in four months, following a previous reduction of 100 employees, including 25 in Israel, in October 2022. Forescout, which provides cybersecurity automation and was acquired by private equity firm Advent International in 2020, is restructuring amid broader industry challenges.

ConsenSys, the Ethereum software firm behind the MetaMask wallet, is planning to lay off upwards of 100 employees. With a current workforce of about 900, this represents a cut of over 11%. The New York-based company is finalizing the layoffs, which contribute to a broader downturn in crypto employment, as seen with Coinbase's significant cuts the same week. This move is part of an industry-wide trend, with an estimated 27,000 crypto jobs lost since April of the previous year. The layoffs were reported in January 2023.

Unacademy-owned edtech startup Relevel is laying off 40 employees, representing nearly 20% of its workforce, as the company shifts its focus from its core education business to a test product business and the newly launched NextLevel app. CEO Gaurav Munjal cited a lack of available roles for the affected employees following this strategic pivot. The layoffs, part of a broader trend in the Indian edtech sector, occurred in early 2023. Impacted staff will receive severance pay, including notice period compensation plus two additional months, along with accelerated vesting, medical insurance, and placement support. Unacademy has laid off over 1,000 employees across its group in the past year amid ongoing industry challenges.

Sydney-based fintech company Till Payments has laid off 120 employees as part of a significant company-wide restructuring, driven by inflationary pressures and a challenging global economic outlook. The layoffs, announced on January 10, 2023, affected staff across its operations in Australia, New Zealand, the UK, and North America. This move coincides with the appointment of three new board members and reflects broader difficulties facing venture-backed tech firms in the payments industry. While the exact total workforce and percentage reduction were not specified, the cuts underscore the company's efforts to navigate a tough financial environment amid economic contraction.

London-based HR tech scale-up Beamery is laying off approximately 12% of its workforce, a decision that follows closely on the heels of the company achieving a unicorn valuation in a recent funding round. The layoffs, announced in January 2023, reflect a broader trend of workforce adjustments in the tech sector as companies seek to streamline operations and adapt to changing market conditions. Beamery, which provides talent management and workforce agility solutions, is restructuring to ensure long-term sustainability despite its recent financial milestone.

StreamElements, a gaming and live-streaming technology startup, has laid off 40 employees, representing 20% of its workforce, in January 2023. This marks the second such reduction in seven months, following a similar 20% cut in June 2022. The company, which raised $100 million in 2021, cites a continued slowdown in the advertising market and among content creators, predicting a further drop in growth. The restructuring aims to build a path to profitability amid challenging market conditions.