Despite the sea of layoffs, the overall hiring demand among start-ups has recorded a strong 19 per cent growth this April compared to the previous year, according to foundit insights tracker (formerly Monster APAC & ME), an Indian talent platform.
Further, the tracker noted that India housed over 19,000 start-ups before the pandemic. This number has swarmed up to over 80,000 last year which created over 250,000 job opportunities.
“It is important to note that the demand for tech talent across industries stood steady, considering the value that niche tech skills continue to hold in the market. IT holds the maximum share of total job demand in the start-up space currently at 20 per cent,” the tracker added.
Hiring segments
While edtech (8 per cent share) was among the top 5 industries hiring within the start-up sphere, the sector held a much larger share last year. This is well reflected in reportage around continued layoffs. Other segments such as the Internet (12 per cent share), BFSI/Fintech (11 per cent share), and Media & Entertainment (7 per cent share) also accounted for considerable demand share in the start-up hiring space. On the other hand, healthcare and BPO start-ups exhibited a negative hiring intent.
Job postings by start-ups have been driven by increased hiring across metros, while robust hiring has also been noted for remote roles. Bengaluru (33 per cent) accounts for the highest share of start-up jobs while Delhi, Mumbai, and Pune also hosted notable demand trends.
Challenging environment
Commenting on job trends for April 2023, Sekhar Garisa, CEO - foundit (previously Monster APAC & ME), a Quess company, said, “The current global economic uncertainties have created a challenging environment for businesses, forcing them to navigate a rapidly changing environment. Although hiring has declined, there are still a plethora of job opportunities in emerging industries for job seekers.
Remarkably, the Indian start-up ecosystem has taken a turn, exhibiting resilience in hiring intent despite the prevailing job market challenges. While we expect cautious hiring sentiments to persist, we remain optimistic about job opportunities for candidates, particularly as startups continue to propel the demand for talent and innovation.”