Meesho, Ola & Other startups Laid Off Over 8000 Employees

Startups are known for making lucrative offers to job seekers which are difficult to reject, but the recent scenario in the market has forced startups to take extreme steps making it a scary place.

Some of the popular startups in India like Vedanta, Meesho, Trell, Furlenco, Unacademy, Cars24 and many others have laid off over 5000 employees. It is estimated that the firings will continue further. Most of the laid-off employees stated that they were not even given prior notice before being fired.

Talking about the exact figures, in the first quarter of 2022, Ola laid off close to 2100 employees, Unacademy let go 926 employees, Vedantu fired more than 600 employees, whereas Cars24 has laid off 600 employees. Even Meesho, a newly founded startup, has laid off around 150 employees.

The main reason behind these firings is unknown, but cost-cutting is the common reason for the layoffs. Other reasons might include the slowed funding to the startups that are eventually building pressure from the investors.

A popular ed-tech company Vedantu has a workforce of 5900 employees and has asked 424 of them to leave the job, which accounts for 7% of the workforce.

A successful e-commerce platform, Meesho, which clocked 100 million users and registered a 6 lakh sales base, has also laid off close to 150 employees. The company's management has promised to offer severance packages and outplacement assistance to laid-off employees.

A used car marketplace Cars24, has also fired over 6% of its workforce in May, accounting for over 600 employees. The company has not revealed the reason for the firing as yet.

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