At least 27 thousand tech employees employed at Indian startups have lost their jobs since the funding winter arrived last year. The number of departures has grown even further this year, with 98 companies handing out pink slips to the worker pool. Edtech firms have been particularly hard-hit, accounting for 9,781 job cuts in total.
In the first five months of 2023, about 8,000 individuals have been affected by job losses due to startup layoffs. Homegrown virtual events platform Airmeet is among these companies, having relieved about 75 of its members of their duties. Corporate expense management platform Happay also announced that it would be reducing its workforce by 35%, as part of a restructuring effort. Similarly, Chennai-based edtech startup Skill-Lync declared job cuts in light of decreased investments and operational streamlining.
When considering global tech surfaces, the current year is presenting a grim outlook. According to statistics from layoffs.fyi, 1.98 lakh staff members at 695 tech firms have been let go by the time we reach this point. It remains to be seen whether adequate measures will be taken by the government and private corporations to mitigate the effects of the recession.
The company mentioned in this article is Airmeet. It is a homegrown virtual events platform in India that allows users to join and interact in real-time events. It was founded in 2019 and currently has over 10 million users. Airmeet has a robust suite of features, such as AI-driven networking tools, one-on-one interactions, global access, advanced analytics, and a focus on experience.
The person mentioned in this article is Varun Mayya. Varun Mayya is the co-founder of Airmeet. He is an alumnus of Stanford University and a serial entrepreneur known for his innovative and ground-breaking solutions. Varun has a specialization in artificial intelligence (AI), machine learning (ML), and automation. He also serves as an advisor to various companies in the AI/ML space. He has been a part of several initiatives aimed at driving the AI-based transformation of the Indian economy.
