The layoffs in India’s tech market is experiencing significant layoffs, along with other global job market. Large new-age companies such as Swiggy, Ola, and Paytm have been cutting down their workforce since January 2024. Here is a compilation of Indian firms that have laid off their employees this year:
In May 2024, Simpl, a buy-now-pay-later platform, laid off around 160-170 employees, accounting for approximately 25% of its total workforce. The layoffs were reported by MoneyControl and were part of the company’s efforts to streamline operations.
Ride-hailing giant Ola Cabs terminated around 200 employees in April 2024, representing about 10% of its workforce. This move was aimed at improving profitability. Additionally, Ola’s CEO Hemant Bakshi resigned just three months after his appointment, adding to the company’s tumultuous period.
Facing financial challenges, ed-tech platform Byju’s laid off 500 employees in April 2024, which constituted 3% of its total workforce. The layoffs affected roles in sales, marketing, and teaching. Reports indicated that the layoffs were conducted over phone calls followed by emails.
In January 2024, Swiggy, the online food delivery company, cut around 400 jobs. The layoffs were part of a strategy to improve the company’s finances. Although Swiggy’s food delivery business had been profitable for several quarters, the startup was not profitable at the group level.
In the same month, Walmart-owned Flipkart fired between 1,100 and 1,500 employees, reducing its workforce by 5-7%. According to an Economic Times report, the company had also paused fresh hiring over the past year to manage costs.
Content-to-commerce platform Good Glam Group laid off 150 employees, about 15% of its workforce, in April 2024. The job cuts were part of a new organizational framework aimed at streamlining operations and eliminating redundancies.
Several other Indian firms have also announced job cuts in 2024:
The wave of layoffs in India’s tech and startup sector highlights the challenging economic environment and the companies’ efforts to adapt to changing market conditions.