NEW DELHI: There’s a lot of churn happening in the startup ecosystem. Data sourced from market research firm PrivateCircle Research showed that as many as 3.6 lakh employees across India’s 111 unicorn startups left their jobs during the September 2022-July 2023 period.
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The data which captures voluntary employee exits as well as layoffs by companies covers employees for whom provident fund (PF) contributions have been made. At the same time though, firms have also hired 3.7 lakh employees, resulting in a net count increase of 15,128 employees.
There are two factors at play, according to analysts. While layoffs are definitely leading the exits, the attrition rate at startups have also gone up due to the high workload. “Several employees are leaving due to increasing stress.
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At times, some employees are also not able to cope with the work culture of certain firms,” said an analyst. In fact, only three unicorns – Zerodha, Hike and Zoho had an attrition rate of under 1% during the September 2022-July 2023 period, the data showed.
The heart of the country’s tech hub Bengaluru’s workforce size (only for unicorns) shrunk by more than 40,000 employees during the period (the figure implies net change, which was counted after adjusting for net additions and exits).
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In absolute terms, Delhi-NCR’s unicorns saw the highest exits with 1.8 lakh employees leaving the firms, followed by Bengaluru which saw 1.2 lakh staff leave either due to layoffs or better opportunities. The research firm said that it considered the September 2022-July 2023 period because the number of unicorns remained uniform during the time frame.
