Layoffs in Startup: The effect of global recession is also visible on Indian Startup Layoffs. In the last few months, many startup companies have laid off employees on a large scale. Now the name of ad tech startup Teachmint Layoffs has also been added to this list. The company has decided to show the way out to about 70 employees in its second phase of retrenchment. According to the report published in Moneycontrol, the company has decided to retrench for the second time only within 6 months.
Why is Teachmint laying off?
Due to the recession in America and Europe, there has been a shortage of funds in the market. In such a situation, many startup companies are facing shortage of funds. In such a situation, companies are showing the way out to the employees on a large scale to save money. Mihir Gupta, co-founder and CEO of Teachmint, informed the employees about the retrenchment and said that the company has to take a difficult decision in these difficult times. To save funds, the company has decided to lay off employees and it has nothing to do with their performance.
who will be affected
According to the report of IANS, the departments in which the company is going to lay off include Tech, HR and Support team. The Bengaluru-based startup company had informed its employees about this retrenchment in a meeting on May 4, 2023 itself. According to the company, the affected employees will get the benefit of 3 months salary and 6 months health insurance. Along with this, the employees who were retrenched will also remain the share holders of the company. Significantly, Teachmint is an edtech startup that works in the management related education sector. Apart from Teachmint, many online companies like Byju’s, Unacademy and Vedantu have done large scale layoffs. According to media reports, so far more than 100 startups across the country have laid off more than 25,000 employees.
Meesho plans to lay off 251 employees
Unicorn startup company Meesho has also announced layoffs. In view of the recession and paucity of funds, the company has decided to lay off a total of 15 percent i.e. 251 employees. Announcing the layoffs on Friday, Meesho said that amid the changes taking place in the tech industry, the company has taken this decision to make itself sustainable.
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