Year-Ender 2023: Byju's, Meesho and Udaan on list of Indian firms that handed pink slips; here are the reasons

livemint.com:

Layoffs in 2023: As 2023 is coming to a close, there has been a significant shift in the Indian tech industry, leading to layoffs throughout. Let us take a look at the tech companies that have laid off their employees and the reasons for the downsizing. In 2023, over 15,000 employees faced layoffs across approximately 100 Indian startups, echoing the challenges of a prolonged funding winter, according to a Mint report.

Layoffs.fyi data reveals that Byju's, grappling with financial constraints, terminated 2,500 employees in its second round of layoffs this year. In a determined effort to meet payroll obligations, Byju's founder Byju Raveendran went to the extent of pledging his home to secure funds for employee salaries. E-commerce website Meesho undertook a third round of layoffs on Friday, firing 15% of workers.

The decision was shared by founder and CEO Vidit Aatrey via an email. All the affected employees will get one month of extra severance pay beyond the notice period as well as ESOPs irrespective of the period they have been with the company, as Mint reported earlier. B2B e-commerce unicorn Udaan has reportedly fired 150 employees, or about 10 per cent of its entire workforce, days after it secured $340 million in capital.

Udaan planned to strengthen its supply chain and boost vendor partnerships with fresh funding. According to a Moneycontrol report, Udaan’s layoffs come because of a fundamental shift in the way it operates. As per the report that quoted sources, the number of laid-off employees could amount to a figure higher than 150 also.