While major economies of the world are staring at slowing economic growth rates and surging inflation, with rapid infrastructure development and domestic demand in India, the Indian economy is insulating itself from recessionary pressure. Although the Indian market, compared to the emerging markets, seems on the safer side of the world and there are fewer recession concerns, the Indian tech industry is witnessing mass layoffs with a fear of recession.
Top companies such as Meta, Twitter, and Apple have seen job cuts in the past months, laying off thousands of employees the previous year. Different ed-tech companies and other players are taking measures to lay off employees in India. Due to the fear of recession, companies are globally making lay off, and Indian companies are no strangers to the phenomenon. Global investment crunch and layoffs have rocked India’s startup ecosystem. Indian tech companies are worried due to the giant global companies making layoffs.
Mentioned-below are different companies making layoffs:
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Twitter
It is an online social media platform. It provides social networking services. It is operated and owned by American company Twitter, Inc., where people can send and respond privately or publicly with images, videos, or messages known as “Tweets”.
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Meta
Formerly known as TheFacebook, Inc., or Facebook Inc., is an American multinational technology conglomerate founded on January 4, 2004. Meta Platforms, Inc. is doing its business by the name of Meta. Meta’s products and services include Messenger, Facebook, Facebook Watch, and Meta Portal.
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Apple
Apple Inc., an American multinational technology company, was founded on April 1, 1976. It is the largest technology company by revenue. It is the fourth-largest personal computer vendor, the world’s biggest company by market capitalization, and the second-largest mobile phone manufacturer.
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ShareChat
It is an Indian social media platform based in Bangalore. It was founded by Bhanu Pratap Singh, Ankush Sachdeva and Farid Ahsan. It was incorporated on January 8, 2015. It is a short-form video-sharing platform. Mohalla Tech, the parent company behind ShareChat, is laying off more than 400 employees this year.
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Ola Cabs
It is an Indian Multinational ridesharing company; it is headquartered in Bangalore. It was founded on December 3, 2010. The founders of Ola cabs are Ankit Bhati and Bhavish Aggarwal. As a part of Ola’s restructuring plans, the company is laying off more than 200 employees from Ola Electric, Ola Financial Services, and Ola cabs.
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Byju’s
It is a multinational education technology company. It is headquartered in Bangalore. It was founded by Byju Raveendran and Divya Gokulnath in 2011. It is an education tutoring app. There are 12–20-minute digital animation videos explaining the academic subjects and concepts. Through this app, people learn in a self-paced mode. Byju has decided to cut off its employees by about 5% this year by March to lower costs.
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Amazon
Amazon Inc. is an American multinational technology company founded on July 5, 1994. It is focused on cloud computing, e-commerce, digital streaming, online advertising, and artificial intelligence. Amazon is considered one of the most valuable brands and influential economic and cultural forces. The company has cited an uncertain economy and will lay off 18,000 employees.
