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Over 5,000 startup employees in India lose jobs in May

Updated : 2020-05-30 23:06:17

The month of May saw a bloodbath in the startup ecosystem in India as over 5,000 employees at some of the most well-funded startups in the country were handed pink slips, revealing the impact on various sectors and businesses from the Covid-19 crisis and the lockdown. Here is a wrap of the startups that shed jobs and the number of employees impacted in the month of May.

 BookMyShow:   270 employees  |  BookMyShow  said on May 28 that it was laying off 270 of its 1,450 employees in India and globally, with founder and CEO Ashish Hemrajani also citing that the company will need to introspect the impact of the Covid-19 crisis on future consumption of out-of-home entertainment. Investors in the company include Accel Partners, SAIF Partners, TPG Growth, etc. (Image: Company)
BookMyShow: 270 employees | BookMyShow said on May 28 that it was laying off 270 of its 1,450 employees in India and globally, with founder and CEO Ashish Hemrajani also citing that the company will need to introspect the impact of the Covid-19 crisis on future consumption of out-of-home entertainment. Investors in the company include Accel Partners, SAIF Partners, TPG Growth, etc. (Image: Company)
 Uber India:   600  |  Uber India  said on May 26 that it is letting go of 600 employees in the country, which is about 25 percent of its workforce. This is part of Uber’s global retrenchment process, with the ride-hailing company  laying off  6,700 employees globally since the start of the pandemic. (Image: Company)
Uber India: 600 | Uber India said on May 26 that it is letting go of 600 employees in the country, which is about 25 percent of its workforce. This is part of Uber’s global retrenchment process, with the ride-hailing company laying off 6,700 employees globally since the start of the pandemic. (Image: Company)
 CARDEKHO:   200 |  The online auto classifieds platform  CarDekho  has laid off 200 employees and has also initiated pay cuts for all levels in the range of 15-22 percent, sources said. The company in a statement on May 26 said that it is seeing a period of slow recovery and that it expects a permanent change in consumer spending patterns. Investors include Sequoia Capital, HillHouse Capital, Capital G, etc. (Image: Company)
CARDEKHO: 200 | The online auto classifieds platform CarDekho has laid off 200 employees and has also initiated pay cuts for all levels in the range of 15-22 percent, sources said. The company in a statement on May 26 said that it is seeing a period of slow recovery and that it expects a permanent change in consumer spending patterns. Investors include Sequoia Capital, HillHouse Capital, Capital G, etc. (Image: Company)
 Ola:  1,400  | SoftBank-backed  Ola  announced on May 20 that it was laying off 1,400 of its employees, which is over 25 percent of its workforce, as it saw revenues drop by 95 percent over the two months of the lockdown. Investors in the company include SoftBank, Accel India, Matrix Partners, etc. (Image: Reuters)
Ola:  1,400 | SoftBank-backed Ola announced on May 20 that it was laying off 1,400 of its employees, which is over 25 percent of its workforce, as it saw revenues drop by 95 percent over the two months of the lockdown. Investors in the company include SoftBank, Accel India, Matrix Partners, etc. (Image: Reuters)
 Swiggy:  1,100  | Foodtech platform  Swiggy  on May 18 announced it was laying off 1,100 employees, roughly 14 percent of its workforce, with a large part of the layoffs around the company’s cloud kitchen business. Investors include Prosus Ventures, Accel India, SAIF Partners, etc.
Swiggy:  1,100 | Foodtech platform Swiggy on May 18 announced it was laying off 1,100 employees, roughly 14 percent of its workforce, with a large part of the layoffs around the company’s cloud kitchen business. Investors include Prosus Ventures, Accel India, SAIF Partners, etc.
 Zomato: 520  |  Zomato  announced on May 15 it was laying off 13% of its workforce, as the company said it sees a massive impact of the lockdown on the restaurant sector, stating that it expects the sector to shrink by 25-40% over the next year. Investors include Ant Financial, InfoEdge, etc.
Zomato: 520 | Zomato announced on May 15 it was laying off 13% of its workforce, as the company said it sees a massive impact of the lockdown on the restaurant sector, stating that it expects the sector to shrink by 25-40% over the next year. Investors include Ant Financial, InfoEdge, etc.
 Cure.fit: 800  (as per reports) At the beginning of this month,  Cure.fit  announced it was closing operations in small towns in India and in the UAE as the health and fitness company does not see gyms and fitness centers opening any time soon. Reports said 800 employees were laid off, which includes fitness trainers. Investors include Temasek, Accel Partners, Chiratae Ventures, etc.
Cure.fit: 800 (as per reports) At the beginning of this month, Cure.fit announced it was closing operations in small towns in India and in the UAE as the health and fitness company does not see gyms and fitness centers opening any time soon. Reports said 800 employees were laid off, which includes fitness trainers. Investors include Temasek, Accel Partners, Chiratae Ventures, etc.
 Livspace:   450  | Home design platform  Livspace  has decided to lay off 450 employees, which accounts for 15 percent of its total workforce as the company saw an impact on its business from the COVID-19 crisis. Investors include Ingka Group, Goldman Sachs, TPG Growth, etc. (Image: Company)
Livspace: 450 | Home design platform Livspace has decided to lay off 450 employees, which accounts for 15 percent of its total workforce as the company saw an impact on its business from the COVID-19 crisis. Investors include Ingka Group, Goldman Sachs, TPG Growth, etc. (Image: Company)
 WeWork India: 100  |  WeWork India  is laying off 100 employees, which is about 20 percent of its workforce, as the coworking space took a massive hit during the lockdown. WeWork in India is owned by the Embassy Group. WeWork has also globally laid off many employees in recent months. (Image: AP)
WeWork India: 100 | WeWork India is laying off 100 employees, which is about 20 percent of its workforce, as the coworking space took a massive hit during the lockdown. WeWork in India is owned by the Embassy Group. WeWork has also globally laid off many employees in recent months. (Image: AP)
 ShareChat: 101  | Social media platform  Sharechat  announced it was laying off 101 employees, which is 25 percent of its workforce, as the company cited the impact on advertising due to the crisis. Investors include Twitter, Shunwei Capital, Lightspeed, etc.
ShareChat: 101 | Social media platform Sharechat announced it was laying off 101 employees, which is 25 percent of its workforce, as the company cited the impact on advertising due to the crisis. Investors include Twitter, Shunwei Capital, Lightspeed, etc.
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