2022 Year in Review: Fund-starved startups sacked nearly 18,000 employees
Edtech companies accounted for a staggering 44% of the total layoffs. In total, 52 startups fired 17,989 employees spread across edtech, consumer services, ecommerce, health tech, logistics, fintech, enterprise tech, media and entertainment, agri-tech and cleantech
The ongoing ‘funding winter’ and business challenges faced by new age internet companies have resulted in nearly 18,000 job losses so far this year, data compiled by executive search firm Longhouse Consulting
“Edtech players thought that everything will continue to be digital with Covid-19 getting over. They underestimated the power of the physical. Second, they didn’t really solve for great learning experiences. Third, they did not use the money wisely to do a blended product of what was called a physical education,” Anshuman Das, managing partner at Longhouse Consulting, told ET.