The tech industry has been under immense pressure lately, with a wave of layoffs affecting many prominent companies. Among these, several Indian firms have faced significant reductions in their workforce, often quietly and with little public fanfare.
This trend reflects a broader pattern in the industry, where companies are making tough decisions to navigate economic challenges and changing market dynamics.
Reliance Industries Ltd (RIL) Cuts 42,000 Jobs
Reliance Industries Ltd (RIL), India’s largest conglomerate, has recently made headlines for a massive workforce reduction. According to a report by The Economic Times, RIL let go of 42,000 employees during the fiscal year 2023-24. This reduction represents an 11% decrease in the company’s total workforce.
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Reliance Industries, which operates in five principal segments; Oil to Chemicals (O2C), Oil and Gas, Retail, Digital Services, and Financial Services cut its workforce by 42,000 employees in FY24, representing about 11% of its total workforce. pic.twitter.com/lUL59v4kcm
— The Layoff Tracker ? (@WhatLayoff) August 8, 2024
The cuts primarily affected the retail division, which saw a drop in employee numbers from 2.45 lakh in FY23 to 2.07 lakh in FY24. The workforce reduction is part of RIL’s strategy to enhance cost efficiency, but it has raised concerns about the impact on employees and the company’s operations.
Dell Announces Major Layoffs
Dell Technologies has also been in the news for its significant workforce reductions. The company announced a restructuring effort centred around integrating artificial intelligence, leading to substantial job cuts.
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Dell Technologies Inc. is cutting jobs as part of a reorganization of its sales teams, impacting 12,500 employees approximately, as the company aims to become leaner. pic.twitter.com/oJpZH1Ww92
— The Layoff Tracker ? (@WhatLayoff) August 5, 2024
While Dell has not confirmed exact numbers, internal sources suggest that the company aims to reduce its workforce from around 120,000 to under 100,000 employees. Some employees have described the situation as “a bit of a dumpster fire,” highlighting the internal turmoil and uncertainty surrounding the layoffs.
ReshaMandi Cuts 80% of Workforce
In a startling move, ReshaMandi, a Bengaluru-based startup specialising in silk yarn products, has slashed its workforce by 80%. The company, which employed around 500 people in January 2023, now has just 100 employees remaining. This drastic reduction follows the startup’s failure to secure Series B funding.
Reshamandi, the Bengaluru-based innovative startup that worked in the silk supply chain, has announced a massive layoff where 80% of its staff is laid off.
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.#BusinessOutreach #innovative #startup #silk #funds pic.twitter.com/Txcw55RXJn— Business Outreach (@BOR_Magazine) June 24, 2024
Reports indicate that around 300 former employees are still awaiting their final dues and salaries. The company’s struggles highlight the challenges faced by startups in securing necessary funding during uncertain economic times.
Unacademy Restructures and Reduces Workforce
Indian edtech giant Unacademy has also been hit hard. The company recently announced a restructuring plan that has led to the layoffs of approximately 250 employees. This decision impacted roles across marketing, business, product, and sales functions.
Unacademy, known for its wide range of educational offerings, is focusing on streamlining its operations to better align with its long-term strategy and market needs.
WayCool Lays Off 200 Employees Amid Funding Issues
WayCool, an agritech firm based in Chennai, has faced its third round of layoffs within a year. The company has let go of over 200 employees, citing ongoing funding challenges as the primary reason.
WayCool, which has been grappling with financial pressures, is attempting to streamline its operations to prevent further losses. This latest round of job cuts underscores the difficulties agritech companies face in securing sustainable funding.
PocketFM Fires 200 Writers
In the audio series sector, Bengaluru-based PocketFM has reportedly laid off close to 200 writers. The company, known for its internet FM shows, has seen a significant reduction in its US-based audio series team.
The exact reasons for these layoffs remain unclear, but they are part of broader changes affecting the company’s operations.
Koo Shuts Down Operations, All Employees Laid Off
The Indian microblogging platform Koo has shut down its operations following unsuccessful acquisition talks with Dailyhunt. Once seen as a potential rival to X (formerly Twitter), Koo employed around 200 staff as of September 2021.
? Indian social media platform ‘Koo’, which was once termed as Twitter alternative is shutting down. pic.twitter.com/RO9BLx1DCq
— Indian Tech & Infra (@IndianTechGuide) July 3, 2024
The closure of the platform has resulted in all employees being laid off, marking a significant setback for the company and its workforce.
The recent wave of layoffs across Indian companies reflects a broader trend in the tech industry, where firms are grappling with economic pressures, funding challenges, and changing market conditions. From startups like ReshaMandi to giants like Reliance Industries, the impact of these job cuts is significant, affecting thousands of employees and their families.
