Things are starting to look grim for Startups in India, with new layoffs popping up around everyday. With the total number of employees laid off being more than 10,000 just this quarter.
Adding to the existing layoffs, Yaari – the social commerce platform which was recently acquired by indiabulls has let go of 60% i.e 150+ employees just this month and is prepping to layoff another similar number if things don’t improve by the end of summer.
Yaari, which was supposed to be a new lineup for Indiabulls, is in financial shambles and may soon shut down or merged with another entity, Dhani.com.
No severance package or extended health benefits were offered to the impacted employees, which is being a really bad trend in some Indian companies that recently hit with layoffs. Yaari currently has offices in three locations – Delhi, Mumbai and Bengaluru. Most of the layoffs come from their bengaluru location as per the reports.
For latest layoff news and layoff dashboard visit – Layoffstracker.com