Indian startups fired 6,000 employees in third quarter, says report

This can be attributed to investors lowering funding amid high volatility in global markets

Indian startups fired 6,000 employees in the third quarter of the current financial year (Q3FY23) and an additional 4,000 in January alone, according to a report by CIEL HR Services, as reported by the Economic Times (ET). 

Several startups, including unicorns like Byju's and Swiggy, have slowed down their hiring and also laid off thousands of employees. This can be attributed to investors lowering the funding amid high volatility in global markets. 

In recent months, the layoffs range between 3 to 18 per cent. The most impacted were the entry and middle-level employees. Also, people from sales, marketing, engineering and