Amid global slowdown several companies laying off workers

The software company, MyGate, has reportedly laid off nearly 30 per cent of its employees amid the ongoing global slowdown.

As per a report, with this lay-off, the Bengaluru-based company has become the latest to take such decisions.

The report claimed that the decision will mainly affect the mid-manager level and junior-level employees from ground operations and community engagement and other verticals. 

Interestingly, MyGate, backed by Tiger Global and Tencent Holdings in December 2022 had already laid off a similar percentage of employees and presently MyGate has a total of 400 employees compared to 600 employees.

The company was founded in 2016 by Vijay Arisetty, Shreyans Daga, and Abhishek Kumar and it had taken over MyCommunity Genie – a Bengaluru-based community commerce platform – in a part-cash, part-equity deal in 2021.

Apart from MyGate, Swiggy fired 380 employees of its 6,000-strong workforce as part of a restructuring exercise, while delivery platform Dunzo laid off 3 per cent of its workforce.

Additionally, another brand named Rebel Foods, as well as edtech unicorn Lead School has also sacked employees, while Ola Cabs too has laid off employees from some of its verticals as part of a 'restructuring exercise.

Coming to the ed-tech sector, Byju's laid off nearly 1,500 employees and several media reports claimed that thousands of tech employees have been laid off across the globe.

Meanwhile, Amazon plans to lay off 18,000 employees, while Microsoft Corp laid off under 1,000 employees.