Indian start-up funding vs Layoff
Based on a report by LONGHOUSE Consulting, it has been revealed that Indian startups faced significant challenges in the first quarter of 2023. The report highlights that around 9,400 employees were laid off by several startups during this period, indicating a turbulent phase for the ecosystem. Moreover, the report indicates a sharp decline of 80% in the hiring of senior positions within new-age tech firms compared to the same period in the previous year. This decline in senior-level hiring reflects the impact of the funding freeze on the hiring process. The ecosystem also witnessed a substantial drop in funding, with a decline of 71.6% in value from $12 billion in Q1 2022. These findings suggest a challenging environment for Indian startups, with a decrease in funding deals during the first quarter of 2023. The report sheds light on the hiring sentiments and the adverse effects of the funding freeze on the ecosystem’s overall hiring process.
Download the report