Bengaluru-based startup, which fired 18 employees, is now helping them find new jobs

economictimes.indiatimes.com:

Sambhav Jain, founder of FAM, revealed that the firm had to lay off 18 of its employees as the company shifts its focus from hyper-growth to sustainability. It was a difficult decision for the company as well since the employees are emotionally connected to it, Jain said. «One of the most difficult things to do as a founder is to let people go.

Today was a tough day as we had to let go 18 members of the Fam across functions. Parting ways is never easy, especially for a people-first organisation like ours, where everyone is emotionally connected,» he said. «Given the shift in focus of the company from hyper-growth to sustainability, we wouldn’t have been able to provide these people with a role in the company that could justify their personal growth, could fuel the fire to their passion, and most importantly joy at work,» Jain added in a Twitter post.

Wishing the entrenched employees good luck, he added: «We have all the compassion for them and are confident that these people will build amazing things wherever they go, and wish everyone the best in life. If you’re looking to hire people in EPD and Growth functions, please DM. Will be happy to share and refer relevant profiles.» Several startups in India have laid off thousands in recent times amid a prolonged funding winter.

According to data from CIEL HR, a recruitment and staffing firm, approximately 70 startups have collectively laid off more than 17,000 employees in the first half of 2023 alone. Startups are forced to downsize amid a decline in investor funding. As reported by ET earlier, several startups including well-known unicorns like Meesho, Unacademy, Swiggy, and Sharechat have recently laid off about 500-1000 employees this year each.