819 IT companies sacked 212,000 IT workers in the first six months of 2023 (H1-2023). Over 11,000 startup employees in India were laid off this year, a 40% rise over previous year.
The global tech industry laid off a significant number of employees, during the first six months of 2023 (H1-2023).
This has affected over 212,000 tech professionals, from startups to Big Tech. A total of 819 IT organizations have sacked workers, continuing the pattern from the previous year, according to data from the layoffs tracking website Layoffs.fyi.
Over 161,000 people were sacked by 1,046 IT businesses in 2022. As a result, as of June of this year, the total number of computer workers who had lost their employment since 2022 was over 380,000.
Big software businesses have given a variety of explanations for these layoffs, including overhiring, shaky global economic conditions, and the Covid-19 pandemic’s dwindling benefits. The situation in the Indian IT sector is also alarming, as more than 11,000 startup employees have been let go this year, a roughly 40% rise from the same time last year. India currently makes for around 5% of all startup layoffs worldwide.
Over 27,000 workers have been sacked by 102 Indian companies since the financing winter started in 2022. The edtech industry has been severely affected, with roughly 10,000 people being let go by 22 edtech businesses, including five out of seven unicorns.
The difficulties were made worse by the fact that no new unicorns appeared in India during the first half of 2023 and startup financing fell by more than 70% compared to the January-June timeframe of the previous year. These signs indicate that the financing winter is likely to persist while numerous elite unicorns struggle with the current economic climate.
Data from market intelligence company Tracxn shows that Indian startups were only able to raise $5.48 billion in the first half of 2023, which is a significant decrease from the $19.5 billion raised in the same period last year. This financing gap is a reflection of the persistent difficulties entrepreneurs confront in obtaining capital.
Conclusion
819 IT companies sacked 212,000 IT workers in the first six months of 2023 (H1-2023). The number of computer workers lost since 2022 is over 380,000. Big software businesses blame overhiring, shaky global economic conditions, and the Covid-19 pandemic’s dwindling benefits. The Indian IT sector is also facing alarming layoffs, with over 11,000 startup employees let go this year, a 40% increase from last year. India currently makes up 5% of all startup layoffs worldwide.
The edtech industry has been severely affected, with 10,000 people let go by 22 businesses, including five out of seven unicorns. The financing winter is likely to persist, as many elite unicorns struggle with the current economic climate. Indian startups raised $5.48 billion in the first half of 2023, reflecting the persistent difficulties entrepreneurs face in obtaining capital.
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