Layoffs 2023: From EdTech To FinTech, These Sectors Witnessed Massive Layoffs Last Year

Layoffs 2023: Companies in nearly every industry made employee layoffs in 2023. The state of tech companies and startups was the worst among these. All industries saw layoffs: edtech, fintech, retail, food, marketing, and healthcare. In terms of startups, during the first four months, there were over 5,900 layoffs; by the end of the year, the number had risen to lakhs. 

Many Companies Closed, Staff Remained Unemployed

Data from Layoffs.fyi, a website that tracks layoffs since the COVID period, shows that 2,61 lakh people were laid off by 1,179 small and large companies in 2023. When compared to the previous year, there was an increase in layoffs of over 58%. 1,064 businesses let go of 1.64 lakh employees in 2022. When it comes to startups, data indicates that 90 percent of them close down after failing. As per various media outlets, ZestMoney, which had previously been valued at $400 million, closed on December 31, 2023, the last day of 2023.