New Delhi, April 9 (TIWN) The VC funding is drying up for startups in the wake of the nationwide lockdown and the result is seen in several startups laying off employees at their various India offices.

According to data compiled by career marketplace BigJobs, VC-funded startups are the ones doing most of the layoffs. The data revealed that 32 per cent of the 640 companies which are VC-funded are letting go of their workers, reports Inc42.com.

The result is that several young and mid-level startups are sacking their staff.

At least 300 employees of US-based travel platform Fareportal in Gurugram have been asked to resign. App-based bus aggregator service Shuttl has also reportedly laid off employees.

Some other startups like Bounce, Zomato, Curefit and HealthifyMe have gone for salary cuts which makes sense in such grim situations where there is no or little business.

"Online insurance firm Acko has reportedly laid off around 50 employees across customer service, operation sales and marketing teams," reports Inc42.com.

The layoffs are happening even as the government has asked companies not to sack people.