Job cuts by startups over the next 6 to 8 months
Hundreds of pink slips to come shortly
Thursday, 23rd April 2020
Covid-19 pandemic has brought the economy down and many startups are about to cut jobs over the next six to eight months. Company closures and distress sales are the main reasons for this layoff.
Co-founder of India Quotient, Anand Lunia said, “We are going to see a continuous layoff for the next 12 months... Most companies have done one round of layoffs already”. Layoffs are likely to increase till the end of the year.
Founder of a fresh business declared, “We’ve predicted that the next quarter will be a washout… but a month longer than that and the economics of the business change. I predict it could lead to at least a 20% further cut”. He opined that it could take two years foe his business to get back on track.
Retail, travel, financial, mobility and hospitality services are the worst hit sectors by the outbreak of corona virus infection.
Source: Economic times
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