We are only a month into the new year. 2023 is just getting started. But for some, it feels less and less like a fresh beginning. According to Crunchbase data, more than 58,000 employees in U.S.-based tech companies have been laid off in mass job cuts so far. Some of the biggest names in the tech industry have been in the news for letting go of a significant portion of their workforce. Closer home, about 14 startups have let go of over 2000 employees in the first three weeks of 2023.

India is deep into its journey to becoming a tech superpower globally. Even before the pandemic, India’s technology sector was headed for tremendous progress, with a growing number of tech start-ups across different industries.

The tenure of the CFO of a start-up we consult for was due to get over after three years with his contract renewal in February 2021. Given his stellar performance so far and assuming a three-year leeway to work with, the founders had plans for the finance second-in-command to seamlessly fill in the position when the time arrived – at least 3 years later. Everything looked well planned and on track for the next round of funding.