Ten biggest startup layoffs in 2020 hit 25,500, Uber leads with 30 per cent, report

Ten biggest startup layoffs in 2020 hit 25,500, Uber leads with 30 per cent, report

Published: 13-01-2021 14:17:00 | By: Bob Koigi | hits: 3904 | Tags:
Financial Services
ICT
Insurance
Transport

Data presented by Buy Shares indicates that approximately 25,500 jobs have been lost in the top ten largest startup layoffs amid the pandemic.

The layoffs were recorded between March 2020 and January 2021.

Cab hailing firm Uber from the transport sector leads with 7,525 layoffs accounting for 29.5% of all the highlighted job losses. Booking.com from the travel industry is second with 4,375 layoffs followed by e-commerce marketplace Groupon at 2,800.

Vacation rental platform Airbnb is fourth with 1,900 layoffs followed by online tutoring platform WhiteHat Jr at 1,800.

Insurance aggregator PaisaBazaar ranks sixth at 1,500 followed by online travel agency Agoda which has registered 1,500 layoffs.

Online personal styling company Stitch Fix saw 1,400 workers get laid offs followed by ride-sharing firm Ola at 1,400. Stone from the financial industry had the least layoffs in the tenth spot at 1,300.

The research explains how the pandemic impacted the startup landscape amid the pandemic. According to the research report:

Report: "At a period marked by economic uncertainty and revenues affected by containment measures and a significant drop in demand, startups were already battling many challenges. Limited resources, winning customer trust, and stiff competition are just some of the challenges synonymous with startups before the pandemic. Coupled with the effects of the health crisis, the startups were forced to take radical measures to survive."

www.buyshares.co.uk