More than 41,000 employees have resigned from unicorn companies based in Bengaluru, known as the Silicon Valley of India. The reason behind this is layoffs and less funding of these unicorns. This has been found in the study of Private Circle Research.
Unicorn companies present in Delhi have appointed more than 52,000 employees. Paytm’s parent company One 97 Communications, Physicswala and Policy Bazaar have hired a large number of people.
Study between September 2022 and July 2023
Private Circle said that between September 2022 and July 2023, 41,208 employees in Bengaluru’s unicorn companies have left or resigned. In this study, only those employees for whom provident fund contribution was made have been included.
The number of employees working in Delhi’s Unicorn has increased by 52,420. Delhivery and Bharat Pay also have a big contribution in this. It has been said that funding of global companies has decreased and many companies have reduced costs and also laid off employees.
The report said that on an average, 111 unicorns were included in the study, whose artisan rate for the period was 4.72%. It says that the artisan rate in three Indian unicorns – Zerodha, Zoho and Hike has been less than 1%.
The Indian startup ecosystem has been jolted by several consecutive rounds of layoffs. Companies took these steps to reduce costs amid uncertainties. There has been a decline in demand after the Corona wave in 2020 and 2021. Byju’s, MPL, Unacademy and Vedantu laid off a large number of people.
