Layoff Events

In March 2023, Nigerian retail-focused startup Alerzo laid off approximately 400 employees, as reported by multiple sources, though the company stated the figure affected 15% of its full-time staff (150-200 people) plus 150-200 part-time workers. This followed earlier layoffs of hundreds in August and September 2022. The company cited difficult macroeconomic conditions, post-election uncertainties, and a need to improve unit economics as reasons, also reducing its business footprint by closing 14 warehouses nationwide. Affected employees received termination emails in early March, with severance packages including one to two months' salary. The layoffs impacted various roles, including communications, reflecting broader restructuring beyond previous warehouse-focused cuts.

Atlassian, a leading business-software company based in Sydney, announced on Monday that it is laying off 500 employees, representing about 5% of its total workforce. The co-CEOs explained that the decision is driven by a strategic shift to rebalance roles and focus more on key priorities like IT service management and cloud migrations, rather than immediate financial pressures. The layoffs are not evenly distributed, with Talent Acquisition, Program Management, and Research & Insights among the most impacted teams. Affected employees will receive severance packages and keep their laptops, with their last day set for that Friday. This move aligns with broader tech industry trends, where companies like Alphabet and Microsoft have also recently cut jobs amid economic adjustments.

UKG laid off 265 employees on 2023-03-06.

Ankorstore, a French retail marketplace startup valued at $2 billion, is undergoing a significant reorganization that will lead to substantial job cuts. While exact numbers are not officially confirmed, sources indicate the layoffs could affect around half of the workforce, which is estimated to be about 600 employees. This follows a previous 20% staff reduction in October 2022. The company, backed by Tiger Global, Coatue, and Index Ventures, is making these cuts to reduce costs and manage burn rate amid a challenging macroeconomic environment in the tech industry. The layoffs, reported in early 2023, reflect a broader trend of downsizing among well-funded startups, including other Tiger Global portfolio companies like Stripe and Getir, as they adjust to post-pandemic market conditions.

No Fluff Jobs laid off 13 employees on 2023-03-04.

Lendi laid off 100 employees on 2023-03-03.

In March 2023, Brazilian proptech company Loft conducted its fourth round of layoffs in a year, dismissing 340 employees, which represented 15% of its then 2,200-person workforce. The company stated this move was to adjust costs and expenses in response to a challenging economic environment for tech firms, aiming to achieve operational break-even by year's end. This round primarily affected administrative teams and projects with longer maturation timelines. Over the preceding year, including natural attrition, Loft had reduced its headcount from approximately 3,100 to 1,800 employees. The layoffs were part of a broader trend of restructuring within the tech startup sector.

UserTesting laid off 63 employees on 2023-03-03.

Accolade on 2023-03-03.

Embark Trucks, an autonomous trucking company that went public in 2021, is laying off approximately 230 employees, representing 70% of its workforce, as announced on March 3, 2023. The remaining 30% of staff will focus on winding down operations, with the company shutting down its Southern California and Houston offices. CEO Alex Rodrigues stated that after exhausting all alternatives, they were unable to identify a viable path forward for the business. The board is now exploring strategic alternatives, including potential asset liquidation or dissolution, following an extended evaluation of markets and a failed attempt to sell the company. This move highlights the ongoing challenges in the self-driving truck industry.

Airbnb laid off 30 employees on 2023-03-03.

Indigo on 2023-03-03.

Orchard, a real estate technology company, has laid off a number of employees due to a slow housing market recovery characterized by persistently high interest rates and low inventory. The company announced the layoffs as a necessary cost-cutting measure to ensure long-term stability and its ability to serve customers. While the exact number of affected employees was not specified in the initial post, a subsequent comment from the company provided a link to an opt-in list for impacted professionals across customer service, real estate, and tech roles. The layoffs are part of broader austerity efforts to navigate ongoing industry uncertainty.

Ambev Tech laid off 50 employees on 2023-03-02.

Pune-based health tech startup Fittr has laid off approximately 11% of its workforce, amounting to around 30 employees according to the company, though sources indicate the number could be as high as 60 since last year. The layoffs, occurring over the past 6-8 months, affected marketing, sales, client servicing, and tech teams, and were attributed to role redundancy following a period of post-COVID hyper-growth and hiring. This restructuring comes as the company, which operates a community-driven fitness platform, slipped into a loss of INR 25.2 crore in FY22 despite a rise in revenue, prompting a realignment of roles with future growth plans.

CNET, the prominent technology media outlet owned by private equity-backed Red Ventures, conducted significant layoffs in early March 2023, cutting approximately a dozen employees. This represents about 10 percent of its public masthead. The restructuring occurred just weeks after controversy emerged over CNET's quiet use of AI to generate articles. Announced internally by Red Ventures, the layoffs are part of a strategic shift to streamline operations and refocus the site on content that can drive traffic from Google search. Concurrently, editor-in-chief Connie Guglielmo stepped down to assume a new role as senior vice president of AI content strategy, signaling a continued corporate emphasis on artificial intelligence within the digital media industry.

MasterClass laid off 79 employees on 2023-03-02.

Moving concierge startup Kandela, based in Beverly Hills, has filed for bankruptcy in March 2023, citing insolvency after losing a legal dispute with its parent company, Porch Group. The company, which had over 100 employees absorbed by Porch after its 2019 acquisition, now operates as a shell with no assets, employees, or business operations. The bankruptcy stems from a $1.4 million arbitration award favoring Porch, which Kandela cannot pay, leading to liabilities of nearly $1.8 million. The startup, focused on arranging home service installations, attributed its downfall to alleged fraud by Porch over $6 million in earnouts, culminating in its closure after failed appeals and settlement attempts.

Cybersecurity firm Zscaler has laid off approximately 177 employees, representing 3 percent of its workforce of about 5,900. The company disclosed the restructuring plan on Thursday, following a period of aggressive hiring that doubled its team size over the past 18 months. Amid a challenging economic environment, Zscaler initiated a targeted optimization to streamline operations, address inefficiencies, and better align resources with strategic priorities. The layoffs are part of a broader trend in the tech and cybersecurity industries, with the company, a leader in cloud-based security and zero trust network access, aiming to drive profitable growth.

Flipkart, a major Indian e-commerce company, has been conducting a stealth downsizing exercise, according to internal sources in early 2023. While the company officially denies layoffs, reports indicate an unusually large number of employees have been affected through workforce streamlining and performance improvement programs (PIPs) following annual appraisals. The process, described as a rationalization measure, involved sudden virtual meetings where employees were asked to resign without clear reasons provided. This move aligns with broader cost-cutting trends in the tech industry during that period.

Swiss online comparison portal Comparis is laying off at least 10% of its workforce, affecting its 175 employees, as it initiates a consultation process. Founder Richard Eisler cites a "failed growth strategy" and a prolonged, costly dispute with the Swiss Financial Market Supervisory Authority (Finma) as key reasons. The Finma enforcement procedure, initiated in July 2022, argues Comparis operates as an insurance intermediary and must register as such, potentially leading to the disgorgement of profits since 2015. This has forced the company to set aside millions in provisions, despite internal legal assessments deeming the risk low. The conflict, ongoing for nearly four years, has critically impacted the company's financial stability, leading to this significant restructuring in March 2023.

PayFit laid off 200 employees representing approximately 20% of its workforce on 2023-03-01.

Protego Trust Bank, a cryptocurrency custody firm awaiting final approval to become a nationally chartered trust bank, has laid off more than half of its workforce in early March 2023 due to financial difficulties. The company, which operates in the crypto and financial services industry, was unable to secure fresh funding amid the ongoing crypto bear market, forcing it to terminate most employees. While dozens remain involved and operations are ready to launch, capital constraints have stalled progress. Protego, which raised $70 million in a 2021 Series A round from investors like Coinbase Ventures and FTX, is a mid-sized firm with its charter application pending beyond the 18-month deadline, highlighting the challenges in the regulated crypto banking sector.

Color Health laid off 300 employees on 2023-03-01.

In March 2023, global software consultancy Thoughtworks laid off approximately 500 employees, representing about 4% of its global workforce of over 12,500. The company, headquartered in Chicago and operating across 18 countries, cited the need to support future business growth amid a broader economic slowdown affecting the tech industry. Despite reporting strong quarterly revenue growth and a return to profitability, Thoughtworks made the difficult decision to reduce staff, with notifications beginning in late February and continuing into early March. The layoffs were implemented globally but notably excluded its workforce in India.

Sonder laid off 100 employees representing approximately 14% of its workforce on 2023-03-01.

iFood laid off 355 employees representing approximately 6% of its workforce on 2023-03-01.

Waymo laid off 209 employees representing approximately 8% of its workforce on 2023-03-01.

Eventbrite laid off 80 employees representing approximately 8% of its workforce on 2023-02-28.

In December 2022, Ezoic, an advertising technology firm, was rocked by an internal fraud scheme when a sales employee, Tyler Mancuso, exploited the company's systems to reroute a $9 million payment from Google into his personal bank account. He attempted to use the stolen funds to purchase gold bars but was arrested by the FBI. The heist occurred during a period of ad market slump and widespread tech layoffs, leaving Ezoic with a significant financial shortfall at a critical time of year. While the article does not specify the total number of employees or the exact scale of the company, the incident highlights severe security vulnerabilities within the adtech industry, which handles billions in digital advertising dollars.

DUX Education, a K-12 edtech startup based in Bengaluru, is ceasing all operations by April 2023 due to an inability to secure funding amid the ongoing investment crunch in India's startup ecosystem. The company, which had a team of nine employees managing over 250 online batches, will wind down after completing the academic year through March. Founded in 2020, DUX served more than 15,000 students with curriculum-based online classes but ultimately could not sustain itself without fresh capital, joining a growing list of edtech closures and layoffs across the industry.

MeridianLink, a financial technology (fintech) company, announced on February 28, 2023, a workforce reduction affecting approximately 9% of its employees. This decision, communicated by CEO Nicolaas Vlok, is part of a restructuring effort to consolidate functions, flatten the organizational structure, and improve efficiencies to better support long-term growth and customer service. The layoffs were attributed to the need to solidify the company's foundation amid macroeconomic challenges and to prioritize customer-centric investments. Impacted employees were offered severance packages, benefit continuation, and career support.

Electronic Arts laid off 200 employees on 2023-02-28.

Stytch laid off 19 employees representing approximately 25% of its workforce on 2023-02-27.

Mental-health startup Cerebral is laying off 285 employees, representing 15% of its workforce, as announced on February 27, 2023. This marks the company's third round of staff reductions in less than a year, following previous cuts in mid-2022 and October. CEO Dr. David Mou stated the layoffs are necessary to maintain a sustainable business and refocus on core patient services. The company, which provides telehealth for conditions like anxiety and depression, has faced significant turmoil, including federal investigations into its prescription practices for controlled substances like Adderall. These challenges have forced Cerebral to restructure in an effort to stay afloat after a period of rapid growth.

Sono Motors, a German electric vehicle startup, laid off approximately 300 employees, representing nearly all of its workforce, in early 2023. This drastic reduction followed the company's decision to cancel its flagship Sion solar-electric car project due to insufficient funding and a failed crowdfunding campaign. The layoffs, which affected around 90% of the staff, were part of a strategic shift to focus on licensing its solar technology to other manufacturers in the automotive industry. The move marked a significant downsizing for the once-promising startup, which had aimed to bring an affordable solar-assisted EV to market.

Fintech firm Amount laid off approximately a quarter of its workforce in February 2023, affecting a significant portion of its staff amid broader challenges in the banking and finance technology sector. While the exact number of employees impacted wasn't specified, the reduction reflects strategic adjustments within the company. The layoffs occurred as the industry faced economic headwinds, leading many firms to streamline operations to ensure long-term sustainability.

Palantir, the data analytics software company known for its government and defense work, is laying off approximately 75 employees, representing about 2% of its workforce of 3,838. The company confirmed the cuts on Monday, stating it was a tough but necessary choice to reduce teams in several areas as it reaches an inflection point and aims to continue evolving. This move follows Palantir's recent report of its first profitable quarter and an 18% revenue increase, yet it aligns with a broader wave of layoffs across the tech industry as companies adjust after a period of rapid growth. Despite the reductions, Palantir plans to continue hiring in strategically important areas.

Outreach laid off 70 employees representing approximately 7% of its workforce on 2023-02-27.

American cybersecurity company BitSight has shut down its Israel-based R&D center, laying off the entire local team of 40 employees. This closure comes just 17 months after BitSight established the center through its acquisition of Israeli startup VisibleRisk in September 2021. The decision is attributed to the broader financial and high-tech market crisis. BitSight, which serves over 2,300 customers globally and was valued at $2.4 billion at the time of the acquisition, is consolidating its operations amid the challenging economic climate.

Twitter laid off 200 employees representing approximately 10% of its workforce on 2023-02-25.

SAP Labs, the research and development unit of German technology giant SAP, laid off approximately 300 employees in India in late February 2023. This reduction, primarily affecting offices in Bengaluru and Gurgaon, resulted from the closure of a global delivery center that handled custom development for SAP implementation projects. The layoffs are part of a broader strategic transformation, as the company shifts focus toward cloud services and high-growth opportunities, aligning with a global restructuring that impacted around 3,000 roles. Affected staff, including some with over a decade of experience, received severance packages based on their tenure. This move contrasts with SAP Labs' earlier plans to significantly expand its workforce in India by 2025.

Ericsson laid off 8,500 employees representing approximately 8% of its workforce on 2023-02-24.

Poshmark, a secondhand fashion marketplace based in Redwood City, California, laid off less than 2% of its workforce in late February 2023, just two months after its $1.2 billion acquisition by South Korean internet giant Naver. The cuts primarily affected U.S. employees within the company, which had over 800 staff. The layoffs were attributed to the broader economic slowdown and the company's strategic realignment as it returned to being a private entity. This move reflects a wider trend of cost-cutting and downsizing across the tech and e-commerce sectors during the economic downturn.

EQRx, a biotechnology company focused on reimagining drug pricing, is laying off 18% of its workforce as part of a restructuring effort to conserve cash and improve operational efficiency. The cuts, approved by the board on February 24, 2023, will reduce the company's headcount to about 300 employees. This move follows a strategic shift after the FDA requested additional trial data for its lead cancer drug, leading EQRx to abandon U.S. approval plans. The biotech industry is facing market turbulence and tighter financing, prompting similar workforce reductions across the sector. EQRx aims to lower operating expenses and extend its financial runway into 2028 with approximately $1.4 billion in cash.

Eat Just laid off 40 employees on 2023-02-24.

Velodyne Lidar, a San Jose-based provider of laser-based lidar technology for autonomous vehicles and other applications, laid off 220 employees in February 2023. These job cuts were part of a broader wave of nearly 600 Bay Area reductions announced by tech and life science firms at the time. The layoffs at Velodyne followed its recent merger with another lidar company, Ouster, as the combined entity streamlined operations. This move reflected ongoing consolidation and cost-cutting pressures within the competitive lidar and automotive technology industry.

Stax laid off 24 employees on 2023-02-24.

EVgo laid off 40 employees on 2023-02-23.

Dapper Labs representing approximately 20% of its workforce on 2023-02-23.