Start-up layoffs increase 31% in the first half of 2024 led by Paytm and Flipkart

The threat of layoffs in the Indian tech industry is rearing its head again. According to recent data from layoffs.fyi, 7,175 people were laid off in the first six months of 2024. This is a 31 per cent increase compared with the second half of 2023, when the number was 5,474. But the number is lower than the 10,924 layoffs witnessed between January and June 2023, when edtech major Byju’s sent out a flurry of pink slips.

Thillai Rajan, Professor in the Department of Management Studies at IIT-Madras, explained, “Organisations often do not invest sufficiently in skilling, reskilling and organisational training to meet newer requirements. This lack of investment, along with inadequate resource allocation, can contribute to frequent layoffs.”