Amid a funding winter, Delhi-based unicorns
In a surprising turn of events amid a funding winter, Delhi-based unicorns have witnessed substantial growth, employing over 52,000 individuals. Noteworthy players such as Paytm, PhysicsWallah, PolicyBazaar, Delhivery, and BharatPe have emerged as major contributors to this job surge. Impressively, three Indian unicorns—Zerodha, Zoho, and Hike—have successfully maintained attrition rates below 1 percent.
Key Findings: A recent report by PrivateCircle Research has revealed a remarkable upswing in employment, with approximately 4 lakh individuals securing positions in startups between September 2022 and July 2023 across Delhi and other regions of the country. The capital city, Delhi, took the lead by adding 52,000 jobs in unicorns alone during this period. Notably, this translates to an astonishing rate of 46 people being hired every hour nationwide.
Major Contributors: PhysicsWallah, PolicyBazaar, Delhivery, and BharatPe emerged as frontrunners in the job market, collectively hiring a substantial workforce. The report indicates that a total of 3.7 lakh individuals were recruited across 111 unicorns during the specified time frame.
Challenges Amidst Growth: An intriguing aspect of this employment surge is that it unfolds against the backdrop of the ongoing funding winter—signifying a period of limited funding from foreign entities. Despite this challenge, Delhi-based unicorns have displayed resilience and continued to fuel job creation.
Attrition Rates: While the influx of talent into these startups is evident, the report also sheds light on the departure of 3.6 lakh employees from their roles within Indian unicorn startups during the same period. The delicate balance between recruitment and attrition remains a focal point as these companies navigate the evolving landscape.
Conclusion: The employment surge in Delhi-based unicorns, particularly during a funding winter, highlights the robustness of the startup ecosystem in the region. As the job market continues to evolve, maintaining a delicate equilibrium between recruitment and retention will be crucial for sustaining this growth momentum.