Startup: India’s startup lost 12000 jobs this year; Byju’s, Unacademy, Vedantu lay off bumper.

The condition of startups in the country is bad this year. 12,000 people have become unemployed from this area. Although this is not only the case of India, but 22,000 people have become unemployed all over the world. Out of this, more than 60 percent are from India. In fact, due to lack of funding and no profit in the business, the situation of startups is bad. This is the reason why employees are being laid off to reduce costs. It is estimated that by the end of this year, 60,000 people may lose their jobs in edtech and startups.

Byju’s, Unacademy, Vedantu more affected

The most affected companies are from the edtech sector. These include Byju’s, Unacademy, Vedantu, Cars24, MPL, Lido Learning, Trail, FarEye and others. Analysts say 50,000 more people could be laid off by the end of this year to cut costs. Not only this, many unicorns like Ola etc. are also doing similar work.

benefited from corona

However, after Corona, rapid activities started in the startup sector and due to this the number of new startups also increased. According to a report, at this time it is very difficult for companies in these sectors to raise money. This is the reason why companies like Netflix globally are also firing employees.

There was also a fight in crypto

The way the crypto market ran rapidly after Corona, many companies came to this area. But now the more than 70 percent fall in the prices of cryptocurrencies has upset investors as well as companies. In this, Gemini, Wald, Bitpanda and others plan to reduce their workforce.

The company that made Pokemango is also in trouble

Pokemango maker Niantic has also asked 8 percent of its employees to leave the company. This means about 90 people will have to lose their jobs. Elon Musk’s Tesla has also announced a 10 percent employee cut.