Bloodbath begins in India the real recession
The world economy as we know is stabilizing but its just the US economy that is stabilizing there is a real cash crunch happening at most startups and its effect have started from the last week
One of the companies in which my friend is working Spyne.ai layed off closed to 20-30 folks across various departments tech, marketing, sales , product, hr and ai their total workforce is around 80 employees
Insider news also states they even fired their chief of product, and its becoming tough to sustain, they even gave esops to employees on a valuation they havent achieved yet during appraisal season
It was a forced resignation, 2 3 folks were even said leave we wont be giving you any severance.
Yesterday even recieved news off layoffs inside TCS(US), myntra and navi
Even hearing news from zs and paytm that they might start a fresh round of layoffs