Startup layoffs down 62% in 2024 so far; likely to step up hiring

The full year 2023 saw a staggering 16,398 layoffs, according to layoffs tracking platform Layoffs.fyi

After a string of layoffs, startups in India this year are expected to step up hiring by more than 10 per cent over last year, according to human resource platforms.

Layoffs too have fallen year-on-year (Y-o-Y). Firms let go of 3,600 employees in the first five months of the year (January-June), a 62 per cent decline over the 9,596 in the same period the previous year.

In the whole of 2023, there were 16,398 dismissals, according to Layoffs.fyi.

With the startup world on the mend, there has been an almost 40 per cent increase in new startups,