A surprising hiring trend has been seen in India’s ecosystem in the national capital Delhi despite the global financial winter. According to a report by PrivateCircle Research, the workforce in Delhi-based unicorns saw an increase of 52,420 employees between September 2022 and July 2023. Some of the mass recruiters were PhysicsWallah, PolicyBazaar, Delhivery and BharatPe. Across the country, the 111 unicorns employed 3.7 lakh employees in the same period.
However, the report also highlighted that 3.6 lakh employees left their jobs across the Indian unicorn startups in the same period.
Recruitment sector is walking through a gloomy quarter
India’s tech hub Bengaluru saw a massive shrink in workforce during the said period. The workforce at the Bengaluru-based startup has dropped by more than 40,000.
In the unicorns of Delhi-NCR, 1.8 lakh employees left the jobs in absolute terms, followed by Bengaluru which saw 1.2 lakh staff leaving either due to better opportunities or layoffs.
On average, 111 unicorns had an attrition rate of 4.72% from September 2022 to July 2023.
India and the US sign an agreement to boost startups
However, only three Indian unicorns (Zerodha, Zoho, and Hike) have managed to keep attrition rates below 1%.
The employment at unicorn startups has increased from April 2023 according to the report. Some of the unicorns that saw significant increases in workforce in July were BigBasket, Pb Fintech, etc.
In total, 111 Indian unicorn startups employed 4,42,714 people in July this year, a net increase of 12,765 from 4,29,949 employees registered in September 2022.
IT firms are cutting campus hires, but GCCs are filling up
The PrivateCircle Research report included employees for whom PF (provident fund) contributions were made.
Notably, edtech company Physics Wallah may lay off up to 120 employees due to performance issues, the company recently said.
India’s shrinking IT contract is here to stay, a drastic change in thinking is needed
The company in a statement said that less than 0.8% of its total workforce will be affected by the performance review exercise.
The company has approximately 12,000 employees. This is the first mass layoff that has been announced by Physics Wallah (PW).
Milestone Warning!Livemint tops charts as the fastest growing news site in the world 🌏 Click here to know more
Catch all Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates and Live Business News.
More or less
Updated: 23 Nov 2023, 11:03 IST