Startup Layoffs On The Rise: Shopclues, Rivigo And Other Startups That Downsized In 2019

Startup Layoffs On The Rise: Shopclues, Rivigo And Other Startups That Downsized In 2019

SUMMARY

At least 5 Indian startups have pared down their team size in a big way this year

In July 2019, ecommerce platform ShopClues laid off close to 200 employees

Logistics soonicorn Rivigo has let go of nearly 100 employees this year

Ramesh Abhishek had recently said that under the Startup India initiative, over 16K recognised startups have created of 1.87 Lakh jobs. The Department for Promotion of Industry and Internal Trade (DPIIT) secretary said this means each startup has created over 11 direct jobs on average.

A TeamLease Research report says ecommerce companies and tech startups are projected to add at least 44K jobs in the first half of FY 2019, as companies seek to scale up their business. But the first half of 2019 has brought in disappointment for many startup employees.

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