Hirect, a chat-based direct hiring platform for startups, has laid off 40%, or around 200 people, in what the company termed an organizational restructuring and a strategic change in its business model.
Co-founder and chief executive officer Raj Das said the company is undergoing a strategic change in its business model. Confirming Hirect has laid off around 40% of its workforce, Das said, “We still have hundreds of employees with us.”
After a jobs boom during the pandemic era of cheap money, startups are laying off thousands of employees as their investors turned cautious because of the rising cost of funds. Companies such as Hirect that focus specifically on the startup segment are the worst affected as new hirings have slowed to a trickle.
According to its LinkedIn page, the Bengaluru and San Francisco-based startup has around 472 employees. At its peak, the company employed as many as 600 people, two people familiar with the company said, requesting anonymity.
