New Delhi, Jan 2 (KNN) In 2023, layoffs in the startup and tech sectors increased by 15 per cent, affecting over 16,000 individuals, according to data from Layoffs.fyi. The daily average of job losses rose to 45, marking a 15.3 per cent increase from the previous year.

Bangalore experienced the highest job cuts, followed by Gurugram, Mumbai, and Noida. Startup funding also declined, reaching USD 8.1 billion amid 16,398 job losses, in contrast to the USD 25.9 billion funding in the previous year with 14,224 layoffs.

Paytm, a major fintech player, initiated layoffs impacting 1,000 employees, contributing to a total of 2,141 job cuts in the sector. Ed-tech witnessed the highest layoffs (4,700), followed by food, finance, retail, consumer, and healthcare sectors.

Funding within ed-tech startups plummeted by 88.9 per cent, while food and agriculture tech, as well as fintech, experienced significant declines.

Consumer-based startups secured the highest funding at USD 3.9 billion in 2023, followed by retail, fintech, enterprise applications, and transportation and logistics tech.

Globally, 261,847 individuals faced job cuts, with the United States, India, Germany, Sweden, and the United Kingdom being the most impacted countries. This data underscores significant disruptions in employment and funding across tech and startup sectors globally.

(KNN Bureau)