Delhi Unicorns’ workforce saw a net increase of 52,420 employees between Sep 2022 and July 2023, according to an analysis by PrivateCircle Research. 

This hiring trend was irrespective of a global funding winter, which has led many organizations to cut costs and even lay off employees. Some of the mass recruiters from Delhi included Paytm, PhysicsWallah, PolicyBazaar, Delhivery and BharatPe. 

On average, 111 unicorns had an attrition rate of 4.72 per cent from September 2022 to July 2023. Interestingly, three Indian unicorns (Zerodha, Zoho and Hike) managed to maintain attrition rates under 1 per cent. Other unicorns with below 2 per cent attrition rates include Amagi, Postman, Freshworks, Acko, Cred, Games24x7, Druva, Icertis and Dream11, among others, said the report. 

December 2022 saw 44,295 employees leave unicorn companies, the highest in the period under review. This could be a result of layoffs or employees quitting their jobs. 

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 increments in July were Pb Fintech, BigBasket, and Rebel Foods among others, according to the report.

Overall, 111 Indian unicorns employed 4,42,714 people in July 2023, a net increase of 12,765 from 4,29,949 employees recorded in September 2022.

The PrivateCircle Research report has considered period from September 2022 to July 2023 for the analysis and has only included employees for whom PF (provident fund) contributions were made.