Startups accelerate hiring in slowing economy
With the influx of fresh funds, hiring in tech startups may not be immediately affected due to the current economic slowdown in India. According to LinkedIn, 25 companies on its 2019 list of top startups in India created around 18,000 jobs on an aggregate basis in the past year and are projected to generate 9,000 new opportunities over the next 12 months.
For instance, unfazed by the slowdown in consumption across the country, Bike rental startup Vogo plans to more than double the number of employees by the end of next year.
Bengaluru-based Vogo’s chief executive, Anand Ayyadurai, said “We plan to invest very significantly in this (people) now, as it is about capability building. A temporary slowdown in India does not necessarily impact the startup economy because the bets these guys (tech startups) are taking are 5-10 years long”.