Tech Layoffs Impact At Least 8,000 Individuals In India In 2024 As Firms Cut Down Jobs To Reduce Costs

Layoffs.fyi, a real-time layoff tracker in the tech industry, found that the highest number of layoffs in the country came from Paytm which announced a job cut for at least 3,500 employees in June

Globally, 2024 has seen more than 1.30 lakh layoffs in tech industry, the data showed. (Image Source: Mondo)

Source : Mondo

Recent data revealed that 32 companies in India have cut down jobs for at least 8,000 people in India till August in the year so far. Compiled by layoffs.fyi, the data showed that the majority of these firms are start-ups from the Information Technology (IT) sector.

Layoffs.fyi, a start-up that tracks layoffs across the tech industry globally, found that the highest number of layoffs in the country came from Paytm which announced a job cut for at least 3,500 employees in June, reported The Quint. 

Media reports recently stated that India’s biggest conglomerate, Reliance Industries (RIL) let go of 11 per cent of its workforce or 42,000 employees to help cut down costs for the company. Major names among the 32 firms that have fired 8,000 employees nearly include Byju’s, Ola, Swiggy, Unacademy, Cult.fit, and Simpl, among others. 

After slashing the workforce by 250 employees last month, Unacademy CEO recently informed his employees that the firm won’t be providing any appraisals in the year. The move attracted a lot of criticism on social media as users pointed out that the executive was wearing a $400 Burberry T-shirt while giving the news to the employees.

Meanwhile, the Naukri Jobspeak June 2024 report pointed out that recruitment in the tech sector is also reducing as the industry rides the layoff waves. The report found that white-collar hiring in the industry decreased by 8 per cent in comparison to a year earlier.

Global Scenario

Globally, 2024 has seen more than 1.30 lakh layoffs in tech industry, the data showed. This month itself began with Intel announcing a reduction of 15 per cent of its workforce, about 15,000 individuals, to ‘deliver $10 billion in cost savings in 2025’ for the company.

Big players like Google, Amazon, Microsoft, and Tesla announced job cuts in the earlier half of the year. Google let go of nearly a thousand employees in January, while Amazon also announced a job cut for several hundred individuals.

Tesla also laid off 14,000 people earlier this year in April. Microsoft conducted two rounds of layoffs in the year, earlier in January and then in July.