Unicorns Zerodha, Zoho, Hike Managed Attrition Rates Under 1%; Mass recruiters from Delhi included Paytm, PhysicsWallah, PolicyBazaar, Delhivery and BharatPe, 111 unicorns had an attrition rate of 4.72 per cent for the time period between Sep 2022 to July 2023
FinTech BizNews Service
Mumbai, November 23, 2023: Unicorns had average attrition of 4.72% 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 according to an analysis by PrivateCircle Research.
Other unicorns that had below 2 per cent attrition rates include Amagi, Postman, Freshworks, Acko, Cred, Games24x7, Druva, Icertis and Dream11 among others. 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, the research added.
Delhi unicorns’ workforce saw a net increase of 52,420 employees between Sep 2022 to July 2023. This hiring trend was irrespective of a global funding winter which has led many organizations to cut costs and even layoff employees. PrivateCircle considered Sep 2022 to July 2023 time period for this analysis, as the number of Indian unicorns was constant in this timespan. PrivateCircle’s analysis only includes employees for whom PF (provident fund) contributions were done.
Some of the mass recruiters from Delhi included Paytm, PhysicsWallah, PolicyBazaar, Delhivery and BharatPe. PrivateCircle has clubbed startups from NCR region under Delhi and Thane unicorns are merged with Mumbai region. Polygon, Hasura, and 5irechain are excluded 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 bn.
Further, hiring at unicorn startups 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. 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. Find the complete list of unicorns included in our analysis, here. Note to editor: 1. Attrition rate = [(Employees left in a particular month) / (average number of employees in the same period)] x100 2. Net Change in Employee count = (Number of employees added in time period)-(number of employees left in same period)
About PrivateCircle Research
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 categorized across 500+ dimensions. Beyond private market research, its other products include PrivateCircle Connect and PrivateCircle Markets.
