- More than 11,000 people have lost their jobs so far this year and that number could rise to 60,000.
- Experts predict that capital flows are expected to dry up in the next 18-24 months.
- Despite the stress, funds raised by startups grew 28.6% in funding value between January and April this year, according to a report by GlobalData.
- Here are some startups looking to expand their workforce during layoff season.
Startups in India have been hit hardest by a funding winter and have so far laid off more than 11,000 people. Things could get worse as experts predict more than 60,000 people could lose their jobs as capital flow is expected to remain dry for the next 18-24 months.
According to https://londonbusinessblog.com/ India calculations, 25 startups, mainly in the e-commerce and edtech space, have resorted to austerity measures. Seven unicorns – Ola, Blinkit, Unacademy, Vedantu, Cars24 and Mobile Premier League (MPL) – were also part of the shooting list.
Despite the stress, funds raised by startups grew 28.6% in funding value between January and April this year, according to a report by GlobalData. It also said Indian startups have raised $12.1 billion through April — through 672 venture capital deals.
It means that a few, if not many, have the space and money to grow. Here’s a list of startups looking to expand their workforce this year.
E-learning platform Utkarsh hires 500 people
Edtech startup Utkarsh plans to recruit 500 workers from Level 2 and 3 cities by the end of FY23. It is targeting hiring from Hindi-speaking states such as Rajasthan, Uttar Pradesh, Haryana, Bihar and Madhya Pradesh .
The company plans to hire senior leadership, educators and expand its new sales and customer service team.
Unicorn LeadSquared increases the number of employees by 800
SaaS-based marketing automation company LeadSquared, which recently turned into a unicorn after raising $153 million in a Series C round, said it aims to double its workforce in a year and a half.
This Nilesh Patel-led company will employ 800 people in the coming months in sales and marketing, financial, product, engineering, supply and support roles, as quoted by
HappyLocate to hire 600 people by FY23
The technology-based one-stop relocation platform HappyLocate announced its plans to hire 600 people in six departments: sales, HR, accounts, operations, marketing and technology.
The company plans to hire recent graduates from more than 50 universities and experienced professionals across the country.
Cybersecurity startup Sequretek bolsters its workforce to 500
Cybersecurity startup Sequretek will increase its workforce from 400 to 500 people in the US, Europe and Asia.
The company makes cybersecurity accessible and affordable through a combination of products, platforms and services.
Vivifi India adds 1,000 new employees
Fintech NBFC Vivifi India Finance aims to grow its workforce by hiring 1,000 new team members in various streams in FY22.
The organization is also looking to expand its geographic territories to newer locations, including in tier 2 and 3 cities, in several states, pan-India, with headquarters in Hyderabad.
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