Massive layoffs were enforced by big tech companies such as META, Twitter, etc during this year. Even in India startups such as Ola, Blinkit, Unacademy, Vedantu, Byjus, Cars24, etc. have conducted layoffs too. It was also reported that certain companies handed out pre-drafted resignations and forced employees to sign them. The companies also ended up hiring bouncers to avoid any kind of chaos.
Plum, a Bangalore-based startup was founded by Abhishek Poddar in 2019. The insurtech startup Plum has let go of 36 employees which amounts to 10% of the total workforce. The company called it a cost-cutting exercise. These layoffs are happening due to uncertainty in the economic sector. ‘Plum’ is now the 46th startup in India to conduct layoffs in 2022.
Employees who were let go will be given certain compensation such as healthcare benefits, severance pay, counseling, ESOP vesting, and career support. The layoffs happened after Abhishek Poddar stated that Plum will be increasing its employee base to 1000 by March 2023 further adding “care for employees and their families is the ethos on which we have built Plum.”
In between the layoffs, Byjus was criticized for bringing Messi on board as the brand ambassador after announcing layoffs. Byjus sacked about 2500 employees claiming monetary limitations however it must have spent a fortune for hiring Messi whose net worth is about $600 million and is one of the highest-paid footballers across the globe.
