Layoff Events

Uber has laid off an additional 3,000 employees, representing 13% of its workforce, as part of a broader restructuring announced in May 2020. This follows a previous round of 3,700 layoffs, bringing the total to 6,700 employees, or 25% of its staff. The drastic cuts are a direct response to the COVID-19 pandemic, which caused an approximate 80% decline in its core ride-sharing business. Despite growth in food delivery, it was insufficient to offset losses. Concurrently, Uber is closing 45 offices, winding down its product incubator and AI labs, and reassessing non-core units like Uber Works and its self-driving division. The layoffs span all departments and include staff from subsidiaries Careem and Jump.

Swiggy laid off 1,100 employees representing approximately 14% of its workforce on 2020-05-18.

Agoda, the Asian hotel booking platform and subsidiary of Booking Holdings, laid off 1,500 employees last week, representing 25% of its workforce across approximately 30 countries. The cuts impacted nearly all departments, with the majority occurring in the Customer Experience Group, alongside product, IT, finance, partner services, marketing, and its Rocketmiles division. Despite signs of recovery in some Asian nations, the company cited the deep and prolonged impact of COVID-19 on the global travel industry as the primary reason. This follows recent layoffs and furloughs at other Booking Holdings brands like Kayak and OpenTable. Agoda has established a talent directory to assist the departing employees, many of whom are based in Southeast Asia.

Israeli cybersecurity unicorn Checkmarx is laying off dozens of its approximately 700 global employees as part of a restructuring following its recent $1.15 billion acquisition by private equity firm Hellman & Friedman. The layoffs, confirmed in May 2020, come just a month after the major exit and are attributed to the company's reorganization plans, which were delayed by the acquisition process and the COVID-19 pandemic. Operating in the application security industry, the company stated the changes are aimed at building a long-term, efficient model despite the broader economic shock, emphasizing that the shift to digital solutions presents future growth opportunities for its security business.

In May 2020, storage software startup Datera conducted a reorganization, laying off 10-15% of its workforce as part of cost-cutting measures to reduce cash burn and achieve cash flow positivity by the end of the fiscal year. This decision was driven by the economic impact of the COVID-19 pandemic on the storage market. The company, which had recently completed a funding round, also implemented salary reductions, with the CEO taking an 80% pay cut. Datera, an enterprise storage software provider, had experienced significant growth prior to the layoffs, including 325% revenue growth in 2019.

Rubrik laid off 57 employees on 2020-05-18.

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.

Uber laid off 3,000 employees in a recent round of cuts, which were inspired by the COVID-19 pandemic.

Fintech startup Lendingkart has laid off over half of its workforce, affecting more than 250 employees out of a total of around 500, with immediate effect across its offices in Ahmedabad and Bangalore. The drastic cuts come as the company, an NBFC focused on lending to small and medium enterprises, faces severe pressure from the COVID-19 pandemic and India's economic slowdown. Despite the CEO recently highlighting digital lending as an opportunity during the crisis, the core MSE sector it serves has been brutally hit by the lockdown, compromising demand and likely straining liquidity. Employees reported being asked to resign voluntarily with vague compensation terms, without a clear official announcement from the company.

Masse representing approximately 100% of its workforce on 2020-05-15.

In mid-May, Zomato, an India-based restaurant guide and food delivery startup, laid off 520 employees, which represents about 13% of its workforce. This significant reduction was a direct response to huge declines in food delivery activity. The company also implemented temporary pay cuts for remaining staff starting in June. To support those affected, Zomato created an official talent directory to help ex-employees connect with new opportunities, a move echoed by other major startups.

TicketSwap representing approximately 30% of its workforce on 2020-05-14.

Quartz laid off 80 employees representing approximately 40% of its workforce on 2020-05-14.

Integral Ad Science laid off 70 employees representing approximately 10% of its workforce on 2020-05-14.

Veem laid off 30 employees on 2020-05-14.

Ridecell, an operations platform serving ride-sharing companies, laid off 35 employees last Thursday, representing 15% of its workforce. The layoffs are attributed to the struggles of its customers during nationwide lockdowns amid the coronavirus pandemic, which has severely impacted the transportation industry. This move places Ridecell among other transportation startups like Uber, Lyft, Zum, and HopSkipDrive that have also conducted significant layoffs recently. The affected employees include 16 engineers based in the Bay Area, highlighting the broader economic challenges faced by tech firms in the sector during this time.

Cruise, the autonomous vehicle subsidiary of General Motors, laid off approximately 150 employees, representing about 8 percent of its workforce, in May 2020. The job cuts, which affected recruiting, product, design, and business strategy roles, were implemented to reduce costs during the COVID-19 pandemic. Despite having significant funding and a high valuation, the company chose to streamline operations and focus more intensively on its engineering efforts, reflecting broader challenges and workforce reductions within the self-driving car industry at the time.

Mode Analytics, a business intelligence and data analytics platform, laid off 17 employees across multiple departments including Sales, Engineering, and Product. The layoffs, announced by CEO Derek Steer in a LinkedIn post, represent a workforce reduction affecting teams company-wide. While the exact percentage and total employee count were not disclosed in the announcement, the decision was described as difficult, with the company expressing gratitude for the contributions of the departing staff. The primary focus following the layoffs was on supporting the affected employees by compiling a list to assist them in finding new opportunities within the industry.

Kickstarter, the crowdfunding platform, significantly reduced its workforce in May 2020, cutting nearly 40 percent of its staff. This reduction included 25 layoffs, representing about 18 percent of employees, plus an additional 30 employees who accepted voluntary buyout packages. The company cited the economic downturn caused by the COVID-19 pandemic, noting a 35 percent drop in new projects on its platform with no immediate recovery in sight. As a public benefit corporation in the tech and crowdfunding industry, Kickstarter implemented these measures to navigate the financial challenges of the time.

In May 2020, the Silicon Valley delivery startup Deliv laid off 669 employees, primarily affecting 591 drivers from its subsidiary Deliv California, as the company announced it would wind down operations over the next 90 days. This represented a significant portion of its workforce, which had grown to serve 1,400 cities. The layoffs followed the company's shift to an employee-based model in California in response to the state's AB 5 gig economy law, which reclassified independent contractors as employees. Despite earlier confidence that this change wouldn't harm its business, Deliv cited a "confluence of events" leading to its decline, ending its innovative same-day delivery service that partnered with brick-and-mortar retailers.

Mercos, a Brazilian technology company, has laid off 51 employees, representing 40% of its workforce, in March 2020 due to the severe economic impact of the COVID-19 pandemic. The layoffs reduced the team from approximately 125 total employees to 74. The company, which had achieved break-even and strong growth in 2019, faced an abrupt downturn as the global health crisis unfolded, leading to this difficult decision to ensure financial stability. This event marked a significant challenge for the firm, which highly values its company culture.

Intersect, a Toronto-based custom software development firm and subsidiary of CoreLogic, laid off 19 employees, representing about 11% of its 160-person workforce. The layoffs were announced via LinkedIn by then-CEO Paul Crowe in late 2020, shortly before he stepped down from his role after nine years with the company. While the exact reason for the staff reduction was not officially confirmed, it occurred during the COVID-19 pandemic, a period of widespread economic uncertainty. The company, which serves clients like American Express and TD Bank, saw its leadership transition to internal executives following Crowe's departure.

Vietnamese fitness startup WeFit, operated by parent company WeWow, has filed for bankruptcy and ceased all services as of May 2020. The company, which had previously raised $1 million in funding, was forced to shut down after completely depleting its working capital due to the severe financial impact of the COVID-19 pandemic. Before the crisis, WeFit's platform was processing around 150,000 monthly bookings, but the downturn ultimately left the business unsustainable.

Stone laid off 1,300 employees representing approximately 20% of its workforce on 2020-05-12.

Hireology laid off 36 employees representing approximately 17% of its workforce on 2020-05-12.

Datto on 2020-05-12.

Mixpanel laid off 65 employees representing approximately 19% of its workforce on 2020-05-12.

Canadian EdTech company Top Hat has laid off 16 employees, representing 3% of its total workforce, as part of an internal restructuring to adapt to changes in the higher education sector accelerated by the COVID-19 pandemic. The layoffs, which occurred in the revenue team, follow a $72 million Series D funding round three months prior. CEO Mike Silagadze explained that the shift is not a cost-cutting measure but a strategic pivot, as the pandemic disrupted traditional sales outreach to university professors—their core customers. With professors harder to reach, Top Hat is reallocating resources toward digital content and enterprise institutional sales, moving 28 employees to these areas. The company emphasizes that this restructuring reflects an evolved go-to-market strategy to ensure long-term success in a transformed educational landscape.

Petal, a New York City-based fintech company that provides credit cards to individuals without established credit scores, laid off at least 10 employees last week. The layoffs impacted various departments, though the exact total number affected remains unclear. While the company's overall employee count is not specified, this reduction reflects broader challenges in the fintech sector, where many startups are streamlining operations amid economic pressures. The event underscores the ongoing adjustments within the tech industry as companies navigate uncertain market conditions.

Airbnb-backed corporate housing startup Zeus Living laid off 73 employees, representing nearly half of its remaining workforce, as announced by CEO Kulveer Taggar in a blog post on Tuesday, May 12, 2020. This drastic cut follows a previous round of layoffs in late March, where about 80 employees, or one-third of the staff, were let go. The company, which provides furnished long-term rentals primarily for business travelers in six U.S. metro areas, is facing severe challenges due to the coronavirus pandemic, which has halted travel and slashed its 2020 revenue projections to just 55% of original expectations. With a total employee count now significantly reduced, Zeus is also scaling back its property portfolio and has decided to return its PPP loan. The startup, backed by investors including Airbnb, recently raised $15 million at a reduced valuation, reflecting the tough market conditions in the travel and hospitality industry.

Cadre, an online marketplace for commercial real estate investments, laid off 28 employees last week, representing 25% of its workforce. The cuts affected all departments, including sales, product, engineering, people, and finance. This downsizing is a direct result of the sudden slowdown in the real estate market, which has impacted the company's revenue from transaction fees. To support those affected, Cadre is offering health insurance through the end of 2020 and extending the post-termination exercise period for vested stock options to two years.

Revolut laid off 60 employees representing approximately 3% of its workforce on 2020-05-11.

In May 2020, German fintech challenger bank N26 laid off nine employees from its New York office, representing 10% of its 90-person U.S. team. This marked the first time the rapidly growing Berlin-based startup had to conduct operational layoffs. The cuts were part of broader cost-saving measures due to the COVID-19 pandemic, which had already led to furloughs for 150 staff in Europe. Unlike in Europe, the lack of comparable state support in the U.S. prompted the company to consolidate roles, primarily in recruiting. Following the layoffs, the New York office retained about 80 employees, with some functions shifting to Berlin. N26, which had over 1,000 employees globally at the time, offered affected U.S. staff severance and extended health benefits above the national average.

Indonesian hotel aggregator startup Airy Rooms is permanently shutting down by the end of May 2020 due to the severe impact of the COVID-19 pandemic on the hospitality industry. The company, which was established in 2015 and operated as a startup in the travel and accommodation sector, managed around 2,000 properties with over 30,000 rooms. While the exact number of employees affected is not specified, the closure implies a full layoff of its workforce, as the entire company is ceasing operations. This shutdown reflects the broader challenges faced by travel-related businesses during the global health crisis.

Flywire laid off 60 employees representing approximately 12% of its workforce on 2020-05-07.

Tally, a San Francisco-based fintech startup that helps users manage multiple credit cards, laid off 28 employees last Monday, representing 23% of its workforce across all departments including Engineering, Design, and People Operations. The company cited restructuring efforts amid broader economic challenges, offering severance, extended health insurance through 2020, and additional benefits to support affected staff. This move reflects ongoing adjustments in the tech industry as startups navigate uncertain market conditions.

Jump laid off 500 employees representing approximately 100% of its workforce on 2020-05-07.

Glassdoor, an online job search and company reviews platform, laid off 300 employees in May 2020, which represented 30% of its workforce at the time. The drastic cuts were a direct response to the severe economic impact of the COVID-19 pandemic, which caused a dramatic and sustained drop in business as employers sharply reduced their recruiting activities. CEO Christian Sutherland-Wong, who had recently taken leadership, described the decision as heartbreaking and took full responsibility, noting the cuts were necessary despite executive pay reductions, including his own 50% cut. The company provided affected employees with severance packages including at least three months of pay and extended health benefits.

SalesLoft laid off 55 employees on 2020-05-07.

Swiss fintech startup Numbrs announced a major restructuring on May 7, 2020, after a previously secured funding round unexpectedly collapsed. The company plans to lay off up to 62 employees at its Zurich headquarters, which represents nearly 50% of its total workforce. This drastic measure is part of a cost-cutting program aimed at reducing fixed costs by half to ensure the company's survival, particularly in the challenging environment of the COVID-19 pandemic. Numbrs, which operates a banking app, will shift its focus from user growth to realizing new revenue opportunities and optimizing its cost structure, while assuring that the app will remain functional.

Flatiron School, a coding bootcamp owned by WeWork, laid off over 100 employees in early May 2020 as part of broader cost-cutting measures by its parent company amid the coronavirus pandemic. The layoffs primarily affected design and marketing teams, leading to the wind-down of its design program and the permanent closure of campuses in Atlanta and London. Employees received four months' severance pay. The cuts reflect WeWork's ongoing restructuring efforts to navigate financial challenges during the pandemic.

Following its merger with Telaria in April 2020, the Rubicon Project announced layoffs affecting 8% of the combined workforce, amounting to roughly 50 employees out of a pre-merger total of 623. The cuts, part of broader cost-saving measures exceeding $20 million, were accelerated by the economic impact of the COVID-19 pandemic. While the company reported 12% year-over-year revenue growth for Q1 2020, the crisis prompted immediate austerity, including executive pay reductions and a hiring freeze. The digital advertising firm highlighted a surge in connected TV (CTV) viewership as a key industry shift during this period.

OPay, the Opera-backed Nigerian fintech and super app startup, laid off approximately 70% of its workforce in early May 2020. This drastic reduction came as the company faced severe challenges, including a ban on commercial motorcycles ("Okada ban") in Lagos that crippled its popular ORide service, compounded by the economic pressures of the COVID-19 pandemic. The layoffs affected both local and Chinese employees, with some Chinese staff reportedly stranded in Africa due to travel restrictions. Having raised $170 million and aggressively expanded into multiple verticals like ride-hailing, food delivery, and digital payments throughout 2019, OPay was forced to pause most of its programs and scale back its ambitious super app plans significantly.

Validity laid off 130 employees representing approximately 33% of its workforce on 2020-05-06.

ThoughtSpot, a business intelligence and analytics software company, laid off employees in May 2020 as part of broader cost-cutting measures within the enterprise tech sector. The layoffs were a direct response to the economic downturn and uncertainty caused by the COVID-19 pandemic, which led to a projected decline in corporate IT spending. While the exact number of employees affected was not publicly detailed, the action reflects the challenges faced by many enterprise tech firms at the time, even as some segments of the industry benefited from the shift to remote work.

Uber, the global ridesharing and mobility platform, laid off 3,700 employees last Wednesday, representing 14% of its workforce. The cuts primarily impacted the customer support and recruiting teams. In a letter to staff, the CEO indicated that further layoffs are expected in the coming week, potentially affecting engineering and product departments. Reports suggest the total number of job cuts could eventually reach between 5,400 and 6,700. Additionally, Uber's subsidiary Jump is reportedly cutting 400-500 employees as it is being offloaded to Lime, following Uber's investment in the electric scooter company.

Data analytics unicorn Segment, a $1.5 billion startup competing with giants like Oracle and Salesforce, laid off 10% of its staff in early May 2020, cutting just over 50 jobs. The layoffs were a direct response to the economic challenges brought on by the COVID-19 pandemic, which led to shrinking IT budgets and a slowdown in business as enterprise customers were squeezed. CEO Peter Reinhardt stated the company was restructuring to adapt to the rapidly changing situation and to focus on supporting customers undergoing digital transformation. Despite serving over 19,000 clients and having raised about $284 million from investors like Accel and GV, Segment took this step to ensure it remained well-resourced for the future amid the downturn.

League, a digital health platform company, has laid off an unspecified number of employees as part of organizational changes necessitated by the economic impact of the COVID-19 pandemic. The layoffs, announced by CEO Michael Serbinis in May 2020, were part of broader cost-saving measures that also included salary reductions and bonus deferrals. The company cited the need to ensure its mission continuity and position itself for acceleration during the economic recovery. While exact figures on the number laid off, total employees, and percentage were not disclosed, League emphasized its commitment to supporting affected colleagues by extending benefits, including mental health support for them and their families. The layoffs reflect the broader challenges faced by businesses in the health tech industry during the global crisis.

Uber laid off 14 percent of its workforce as part of COVID-19-related cost-cutting measures.

Cloudera on 2020-05-05.