Tuesday, June 25, 2024
Outlook India
Outlook Business

Delhi Unicorns Defy Global Funding Winter, Add 52,420 Jobs In 10-Month Surge: PrivateCircle Analysis

The PrivateCircle Research revealed that unicorns such as Paytm, PhysicsWallah, PolicyBazaar emerged as the heavy recruiters from Delhi

Delhi Unicorns Defy Global Funding Winter, Add 52,420 Jobs In 10-Month Surge: PrivateCircle Analysis
POSTED ON November 23, 2023 2:33 PM

Delhi Unicorns’ workforce saw a net increase of 52,420 employees between Sep 2022 to July 2023, as revealed by a study conducted by PrivateCircle Research.   

This hiring trend stood out despite a global funding slowdown that prompted many companies worldwide to reduce costs and lay off employees. The analysis focused on the period when the number of Indian unicorns remained constant. It's important to note that the study only considered employees for whom provident fund (PF) contributions were made. 

Key contributors to this hiring spree in Delhi included well-known companies like Paytm, PhysicsWallah, PolicyBazaar, Delhivery, and BharatPe. PrivateCircle Research grouped start-ups from the NCR region under Delhi, and Thane-based unicorns were combined with the Mumbai region for the purpose of the analysis. 

PrivateCircle Research

The study excluded companies such as Polygon, Hasura, and 5irechain from this analysis as they did not have employee count entries in EPFO (Employment Provident Fund Organisation) data. This could be because these companies are headquartered outside India. We have also excluded Rivigo as it was acquired by Mahindra in September 2022 at a valuation lower than $1 billion.    

Unicorns had average attrition of 4.72 per cent  

On average, 111 unicorns had an attrition rate of 4.72 per cent for the time period between Sep 2022 to July 2023. Interestingly, three Indian unicorns (Zerodha, Zoho and Hike) managed to maintain attrition rates under 1 per cent. Other unicorns that had below 2 per cent attrition rates include Amagi, Postman, Freshworks, Acko, Cred, Games24x7, Druva, Icertis, and Dream11 among others, the study observed.  

Maximum attrition in Dec 2022   

December 2022 saw 44,295 employees leave unicorn companies, which was the highest in the time period under review. This could be a result of layoffs or employees quitting their jobs. 

Further, hiring at unicorn start-ups seems to have picked up from April 2023, steadily jumping to 43,361 hired employees in July 2023. Some of the unicorns that saw significant workforce increment in July were Pb Fintech, BigBasket, and Rebel Foods among others.

Data Source- PrivateCircle Research

Overall, 111 Indian unicorns employed 4,42,714 people in July 2023, which is a net increase of 12,765 from 4,29,949 employees recorded in September 2022, the report added.  

PrivateCircle Research is a private market intelligence platform tracking 2 million companies, 4,120 VC/PE funds, 27,332 HNIs, and 371,665 deals through 1805 feeds categorised across 500+ dimensions as per the firm. 

  • Related Articles

    MyHealthFin ensures medical loans are made available through the partner NBFC ecosystem, with low-cost or zero-cost EMIs over 12 to 16 months

    MyHealthcare Launches MyHealthFin To Address Issue Of Affordable Healthcare

    While Indian Angels claims to provide the audience a chance to become investors, it’s pretty clear that there is a lot that still needs to be taken care of  

    Lights, Camera, Investment: Is Indian Angels Wading Into Risky Waters By Letting Audience Invest In Start-Ups?   

    Honasa Consumer Ltd. announced its results for the quarter ending September 30, 2023. It delivered Rs 961 crore revenue from operations with 33 per cent YOY growth

    Honasa Consumer Achieves 33% Revenue Growth and 14X YoY Surge In Net Profit