Pink slips pile up as funding goes dry across Asia

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Hi readers,

Honestly, it took me some time to think about how to begin today’s newsletter.

I usually try to make a story relatable by tying it in with something in my life or something that I noticed or watched recently. But with layoffs, there’s no need for that – it’s something that everyone just gets.

While the number of staff cuts in tech firms in China and India was the largest last month, Southeast Asia is seeing a higher number in June. This week saw four firms in the region – StashAway, Lummo, Propzy, and iPrice Group – slash their employee count.

The idea behind the layoff tracker story was not only to keep tabs on the retrenchments of employees in Asia but also to help those who lost their jobs by connecting them with companies who are actively hiring.

But this story is far from over, and I need your help to keep it updated. You could do this by filling up this form with the companies that are handing out pink slips and the names and contact details of the employees affected by it.

My aim with the story was also to give people an idea about which sectors in Southeast Asia, India, and China aren’t doing so well and at what funding stages the startups are laying off the most people. Sort of a map of places to avoid, if you will.

But I realized that this was only one step in our effort to support the startup ecosystem. We are currently looking at more ways we can provide support to those affected by the current layoffs. We will keep you updated, so keep an eye out for more.

— Collin, journalist at Tech in Asia

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