SE Asia's layoff purge to continue into 2023 as profitability comes to the fore

SE Asia's layoff purge to continue into 2023 as profitability comes to the fore

Image by Drazen Zigic on Freepik

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.

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