More consumer internet startups like ShareChat, Dunzo, Rebel Foods join layoff wave
The latest developments at ShareChat, Dunzo and Rebel are an extension of what has transpired in the so-called new economy over the last six-eight months. Industry insiders said similar developments might be in store at other startups also.
BigTech firms like Meta and Amazon have had their layoffs recently that are the largest in their operating history, underscoring the tightening liquidity scenario. Electric mobility startup Bounce, Tiger Global-backed business-to-business marketplace Moglix and Unacademy’s Relevel also laid off employees since the start of the New Year. “Many thought more capital would continue to come to India despite the slowdown in the US,” said Das of Longhouse Consulting. “But many companies went out to raise money in the last six months and have come back empty-handed. Companies which had deferred their layoff plans are now finally going ahead with their plans.”