Layoffs 2023

According to tracking site Layoffs.fyi, more than 1,150 tech companies fired over 260,000 people in 2023. A combination of factors such as central banks hiking interest rates to counter inflation, macroeconomic headwinds forcing tech clients to cut spending, continuous geopolitical uncertainties, and a prolonged funding winter forced startups and tech firms to recalibrate their strategies.With 2023 drawing to a close, ETtech looks at startups and tech companies, global and domestic, which laid off employees as they cut…

The convenience of digital onboarding comes with a lurking danger: deepfakes. Startups offering video KYC solutions are scrambling to ensure their tech can outsmart these realistic spoofs. This and more in today’s ETtech Morning Dispatch.Also in this letter:■ US parent of EbixCash files for bankruptcy in Texas■ Noise onboards global audio firm Bose as strategic investor■ Zupee’s revenue zooms to Rs 831.51 crore in FY23Industry on edge as Zerodha CEO flags deepfake concerns As the fintech industry looks for…

Crypto giant Binance has laid off more than 1,000 people in recent weeks in a continuing exercise that could result in the exchange losing more than a third of its staff, the Wall Street Journal reported on Friday, citing a person familiar with the moves.Last week, a string of executives also quit Binance, which included its Chief Strategy Officer Patrick Hillmann.U.S. regulators last month sued the crypto exchange and its CEO Changpeng Zhao for allegedly operating a "web of deception." Binance has said it would defend…

Beleaguered edtech behemoth Byju's is laying off another 500-1,000 full-time employees across teams in a bid to prune costs, multiple people told ET.The fresh round of layoffs, which started last week, is expected to impact employees across marketing, sales, business development as well as product and technology functions.The latest restructuring exercise also includes teams at its coding subsidiary, Whitehat Jr., the sources added. Byju’s had acquired Whitehat Jr. for $300 million in 2020. The layoffs add to the…

Nikola said on Friday it would lay off a total of 270 employees, as the electric-truck maker looks to cut costs and sharpen its focus on the North American marketplace.Several firms have narrowed their focus on core markets after the U.S. Federal Reserve's monetary policy tightening created tough economic conditions and prompted a rethink. Nikola is involved in a dispute with its founder and top shareholder Trevor Milton, who has called for a change in leadership and urged other investors to vote against the company's…

Health and wellness startup Mojocare has laid off 150 to 170 staffers across roles to improve on its unit economics and better its capital efficiency, it said.“Facing difficult market conditions, we at Mojocare have had to make tough decisions to improve our unit economics. Despite our best efforts, our business fundamentals have not worked out over the past few months,” a company spokesperson said in a statement.The spokesperson added that the startup will revert to operating as a small yet robust team to figure out what…

Ecommerce startup Meesho has laid off 251 employees in a bid to turn sustainable amid a larger reset in the technology industry, the company told its staff in a town hall on Friday morning.This would amount to 15% of the total team strength. Meesho joins a growing list of Indian and global tech companies which have cut jobs after a pandemic-fuelled growth, which has now waned. ET reported on April 27 that more than 9,400 jobs were cut by startups in the January-March period this year, citing data from recruitment firm…

The overnight shift to a digital mode of operation triggered the need for more technology talent across nontech industries. This breakthrough has resulted in a tremendous rise in tech hiring, says a TeamLease report.There has been a steep hike in tech recruitment within non-tech industries in recent years, totalling over 1 lakh active openings over the last couple of months.This has played a major role in the movement of tech personnel from niche tech industries into non-tech industries, coupled with a string of layoffs…

Global technology brand Lenovo has reportedly started laying off employees, as its PC business suffers significantly amid economic downturn.According to a report in CRN, the job cuts at Levono are "part of a roughly $115 million cost-cutting plan".Lenovo CEO Yang Yuanqing had informed in February about a coming "workforce adjustment" as part of a broader reduction in spending.The company had about 75,000 employees at the end of its 2022 fiscal year."Like our CEO Yuanqing Yang said at our most recent quarterly earnings…

Global technology brand Lenovo has reportedly started laying off employees, as its PC business suffers significantly amid economic downturn.According to a report in CRN, the job cuts at Levono are "part of a roughly $115 million cost-cutting plan".Lenovo CEO Yang Yuanqing had informed in February about a coming "workforce adjustment" as part of a broader reduction in spending.The company had about 75,000 employees at the end of its 2022 fiscal year."Like our CEO Yuanqing Yang said at our most recent quarterly earnings…