As many startups and unicorns continue to spend money in FY23 without any respite, a leading Indian startup has announced that it will be hiring employees who have lost their jobs in the recent past. Founded in 2017, AdCounty Media has said it has reserved a 75 percent quota for employees affected by the layoffs.
The mobile advertising and digital publishing solutions provider has said it envisages hiring 150 professionals in the current fiscal as it plans to drive global expansion and diversification. The company currently serves a diverse clientele across 25 countries.
“The company plans to hire 150 professionals, which is 1.5 times its current strength, to accelerate growth,” the company said in a statement.
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“….the endless possibilities that lie within the Indian startup ecosystem. We will continue to promote the immense potential of entrepreneurship and inspire youth to join the entrepreneurial movement,” said Delphine Varghese, Co-Founder and CBO.
Indian startup ecosystem is suffering
Notably, the Indian startup ecosystem took a severe hit in the funding winter. Over 25,000 people lost their jobs as the great Indian startup and unicorn party came to an end. The years 2020, 2021 and the first half of 2022 saw record funding volumes. But the scenario has changed with rising uncertainties in the global market and sluggishness in foreign economies.
Indian startups raised a total of $2.8 billion in funding in the first quarter of 2023, a massive 75 percent decrease from the same period last year ($11.9 billion), as rising inflation and interest rates continue to significantly impact investment Are. Deepening wealth winter.
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According to leading startups covering portal Inc42, 55 out of 74 unicorns incurred cumulative operating losses of $5.9 billion in FY22. Of those huge loss-making unicorns, 14 were from the e-commerce sector, followed by fintech at 13 and consumer services at six unicorns.