Delhi-based Unicorns add 52,000 new jobs, Bengaluru workforce shrinks by 41,000

Delhi-based unicorn companies registered a net workforce growth of 52,420 between September 2022-July 2023, while their Bengaluru counterparts saw a reduction of 41,208, reveals a new study. 

Unicorn start-ups in Chennai strengthened their workforce by 3,967 during the period, while Pune-based unicorns added 1,049 to their employee count. Mumbai and Hyderabad observed reductions in employee numbers, with decreases of 1,252 and 368, respectively, according to an analysis by PrivateCircle Research. 

Paytm, PhysicsWallah, PolicyBazaar, Delhivery, and BharatPe were among the prominent mass recruiters based in Delhi. 

The average attrition rate for 111 unicorns during the period stood at 4.72%. Notably, Zerodha, Zoho, and Hike maintained attrition rates below 1 per cent. Companies such as Amagi, Postman, Freshworks, Acko, Cred, Games24x7, Druva, Icertis, and Dream11 reported attrition rates below 2 per cent. 

In December 2022, 44,295 employees departed from unicorn companies, the highest for a month within the period. 

Hiring at unicorn start-ups gained momentum starting from April, reaching a peak of 43,361 additions in July. Policybazaar, BigBasket, and Rebel Foods saw significant workforce increment in July. 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. 

PrivateCircle cited the stability in the number of Indian unicorns as the rationale behind selecting the time period for the analysis. The analysis only includes employees for whom PF (provident fund) contributions were done.