Over 22,000 techies lose job in US, Indian startups fire 12,000 employees

Amid the global showdown due to COVID-19 Pandemic and inflation, over 22,000 workers in the tech and startup sector have lost their jobs in 2022, along with more than 12,000 in the Indian startup ecosystem, Chrunchbase reported.

According to the report, those startups that benefitted from a pandemic boom are feeling the heat as valuations have started to dip. The startups say it is much more difficult for them to raise new funding in gloomy environment.

Firms like Netflix, Robinhood and several other crypto platforms have trimmed their workforce. Also, firms associated with crypto including Coinbase, Gemini, crypto.com, Vauld, Bybit, Bitpanda and others announced to downsize their workforce.

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Recently, even Tesla founder Elon Musk has cut 10 percent of its salaried workforce.

Considering the case of India, startups sector may see more than 60,000 job losses in 2022 alone, led by edtech and e-commerce platforms, added the report.

Startups like Ola, Blinkit, BYJU's, Unacademy, Vedantu, Cars24, Mobile Premier League, Lido Learning, Mfine, Trell, farEye, Furlanco and more others have shown nearly 12,000 the exit door till date.

Experts believe more 50,000 jobs are at stake and may be cut by the end of 2022 by startups in the name of 'restructuring and cost management'.