Covid-19 pandemic has managed to make a massive hit on tech startups worldwide. From Uber, Lyft, Sonder to Yelp, and Juul, ever major and minor startup has taken a leap into the pitfall. Many of the renowned startups in America laid off thousands of employees since this crisis took a surge. In the middle of March, many employees were straight away cut out for fear of fallout. The rate of employment has certainly narrowed down to bits with each company terminating the contracts of about 250 employees between March and May. The most affected startups are the ones that offer travel and mobility services.
Uber, being the top-rated traveling app, has dismissed around 6,700 members along with the suspension of its 45 offices all around. Likewise, Airbnb, Lyft, and other startups have also laid off their workforces to bear the shortfall on a lighter note. Its impact has also managed to hit across the borders. India, Singapore, U.A.E, Brazil and many other countries failed to outrun it.
India is one of the largest scale countries in Asia. In mid-march, when the traveling startup called Ola suffered the impact of Covid-19, it started losing bookings instantaneously. This led the owner of Ola to expel around 1,400 employees. In a similar fashion, Uber India also failed to meet the odds and ended up losing about 25% of its personnel.
On the one hand, the employees are being laid off as a result of Covid-19, but on the other, a good number of online startups have started to emerge. It is clearly evident that the whole world is being kept at a slow pace, but there are some factors that must not be overlooked, for instance, education. Online education is a vital tool that must be utilized globally. This could include online graphic designing, engineering projects, and much more.
Infographic by: Visualcapitalist.com