News of tech layoffs just keeps on coming, as startups — particularly the growth-stage ones — try to pull through the so-called ‘funding winter’.
In Southeast Asia, including in the region’s largest economy Indonesia, at least 10,000 employees have been given the pink slips this year in sectors ranging from e-commerce, edtech and fintech to online groceries and quick commerce. Startups in these sectors have seen their fortunes take a U-turn after the COVID-induced boost of 2021, when they raised huge rounds at high valuations and expanded headcount at a fast clip.