Layoff News 2024 in India: Reason for 10 companies cut their staffs

layoff news

Layoff News 2024 India

Latest Layoff News came from top 10 companies in India. It has witnessed a significant number of layoffs upcoming months in 2024, with several prominent companies downsizing their workforce to adapt to the changing economic landscape. Additionally, This latest news explore its trend. This firing is attributed to various factors such as financial constraints, shifting market conditions, and the need to reduce labor costs. In this article, I will explore the top 10 companies that have laid off staff in India in 2024, along with the reasons behind on their decisions.

Reasons Behind Layoffs

The primary reasons for these layoffs include:

  1. Financial Constraints: Many companies have been impacted by the economic downturn, leading to financial constraints that necessitate workforce reductions.
  2. Cost-Cutting Measures: Companies are adopting cost-cutting measures to improve profitability and maintain competitiveness.
  3. Shifting Market Conditions: The rise of new technologies and changing consumer preferences have led to shifts in market conditions, requiring companies to adapt and adjust their workforce accordingly.
  4. Streamlining Operations: Companies are streamlining their operations to eliminate redundancies and improve efficiency.

Top 10 Companies with Layoffs in 2024

following these 10 companies are recently layoff their employees in 2024.

  1. Paytm
  2. Swiggy
  3. Flipkart
  4. Byju’s
  5. Ola Cabs
  7. Good Glam Group
  8. PrepLadder
  9. HealthifyMe
  10. Pristyn Care

1. Paytm Layoff News

Paytm Layoff News

In 2024, Paytm faced hurdles with RBI restrictions affecting its Payments Bank and leadership changes. These challenges led to a drop in share prices. However, amidst the turbulence, positive signs emerged. Despite setbacks, Paytm’s share price displayed signs of recovery, hinting at potential investments. Additionally, the company received recognition as the “Most Inclusive Organization of the Year 2024,” acknowledging its efforts in fostering a positive workplace culture. Paytm navigates this period of uncertainty with resilience, adapting to obstacles while striving for improvement. Despite obstacles, their recent achievements offer a glimmer of hope for the future.

2. Swiggy Layoff 2024

Swiggy’s 2024 journey saw two rounds of layoffs, bidding farewell to about 780 employees, roughly 7% of its workforce. Additionally, The motives behind these actions appear manifold: a quest for cost-efficiency to gear up for a potential IPO, a push for overall profitability amidst losses attributed to aggressive expansions, aligning their team with evolving business priorities, and adapting to the global tech industry’s downturn. While Swiggy hasn’t officially confirmed the rationale, industry whispers point to these factors. Amid uncertainties, Swiggy’s strategic realignment suggests a proactive stance in navigating the turbulent tides of the market.

3. Flipkart Layoffs

Flipkart shook things up in January 2024 with layoffs, bidding adieu to 1,100-1,500 employees, about 5-7% of its workforce. The reasons behind this shake-up seem twofold: firstly, it’s part of their yearly performance evaluation drill, meaning some folks might’ve fallen short on their report cards. Secondly, there’s a whisper about Flipkart revamping its game plan for the year, aiming to trim the fat and streamline operations for cost-effectiveness. Add a hiring freeze they had going on, and you’ve got a recipe for some serious workplace reshuffling. While Flipkart’s not spilling all the tea, these reasons seem to brew the strongest.

4. Byju’s Layoff news

Byju's Layoff news

Byju’s had a rocky 2024, bidding farewell to 500 team members in April, around 3% of its workforce. Financial strains from dwindling post-pandemic demand for online education services triggered the layoffs, impacting sales, marketing, and teaching roles. The edtech sector’s slowdown prompted Byju’s to reevaluate its ambitious expansion plans, while investor scrutiny and legal disputes added to their woes. These layoffs aren’t a one-off; Byju’s struggled with financial management and workforce downsizing throughout 2023. Amidst industry turbulence, Byju’s navigates challenges, reshaping its operations to adapt to market dynamics and ensure long-term sustainability.

5. Ola Cabs firing

In April 2024, Ola Cabs bid farewell to 200 employees, around 10% of its workforce, aiming to boost profitability. Speculations hinted these moves could pave the way for a potential IPO, making a leaner team more appealing to investors. Additionally, Ola might be refocusing on its core ride-hailing business amidst diversification efforts into electric vehicles. The departure of CEO Hemant Bakshi, shortly after his appointment, hinted at broader strategic shifts. While Ola hasn’t laid out all the cards regarding the layoffs, industry trends suggest it’s part of a larger narrative of cost-cutting measures in India’s tech scene.

6. Latest Layoff

In April 2024,, nestled under Tata Digital’s wing, bid adieu to 100-120 employees, aiming to tighten their purse strings. Reports hinted at a cost-cutting frenzy, possibly to elongate their financial runway or boost profitability. While kept mum on the specifics, whispers suggested a broader overhaul to align their workforce with current needs. From mid-level to senior positions, the layoffs touched various departments, marking a significant shift. While the company didn’t spill all the tea, it seems like a classic tale of trimming the fat and tidying up shop to keep the financial boat afloat in turbulent waters.

7. Good Glam Group

Good Glam Group

In April 2024, Good Glam Group, India’s content-to-commerce cosmetics platform, bid farewell to 150 employees, approximately 15% of its workforce, aiming to streamline operations and boost efficiency. Reports suggest a restructuring effort to pave the way for future growth, alongside post-acquisition integration following recent company acquisitions. Additionally, the move aligns with ambitions to achieve profitability by 2025 and potentially enhance attractiveness for future investors and a possible IPO. While the specifics remain undisclosed, the focus appears to be on optimizing resources, cutting costs, and positioning the company for sustained success in a competitive market landscape.

8. PrepLadder

In 2024, PrepLadder, the medical entrance exam prep platform under Unacademy’s wing, bid farewell to 145 employees in May, roughly a quarter of its workforce. There were murmurs of additional layoffs earlier in the year, adding to the uncertainty. Unacademy’s restructuring of PrepLadder’s sales strategy and increased involvement in day-to-day operations likely fueled the layoffs, aligning with cost-cutting measures amidst financial challenges in the edtech sector. The moves reflect a broader trend of adapting to new leadership and market dynamics. While specifics remain elusive, it’s evident PrepLadder is navigating a period of transformation to stay competitive in the ever-evolving educational landscape.

9. HealtifyMe Layoff and Reason

HealtifyMe, the health and wellness app, underwent two rounds of layoffs in 2024, impacting a significant chunk of its Indian workforce. In December 2023, about 150 employees bid farewell, marking 15-20% of their team, as the company shifted focus towards metabolic health. April 2024 saw another 150 let go, primarily from sales and product teams, suggesting a continued restructuring effort. With growth not meeting expectations, HealtifyMe tightened its belt, aligning resources with its revamped vision. While the layoffs reflect broader industry trends of economic uncertainty, the company ensured support for affected employees, offering severance packages and continued medical benefits.

10. Pristyn Care layoff news in 2024

Pristyn Care

In 2024, Pristyn Care, a healthcare player, bid adieu to around 120 employees, marking 7% of its workforce, in a bid to achieve profitability and prepare for a future IPO. Streamlining operations was key, focusing on core business areas and exiting underperforming sectors. Their goal: turn a profit by the 2024-25 financial year, aligning with potential IPO plans by 2027. While layoffs became a trend in India’s startup landscape, Pristyn Care ensured support for affected employees, offering full notice periods, generous severance packages, and extended medical coverage. These moves reflect a broader industry focus on financial sustainability and IPO readiness.

in upcoming years, above mentioned companies may layoff their employees. Its expectations based on previous layoffs.