Confirming the development to ET, a Shopee spokesperson said, "In view of global market uncertainties, we have decided to close our early stage Shopee India initiative." Tech layoffs After the pandemic boom of a few years, technology companies ended 2022 with a bleak outlook. Across the sector thousands of jobs were cut to correct the over-hiring of the Covid period, and brace for, what experts call, a period of slower growth for the sector. The layoff wave has swept not only startups and mid-sized firms, but also big tech companies such as Amazon, Microsoft, and Google parent Alphabet, among others. Twilio, LinkedIn, Zoom, Dell, Pinterest and Tinder owner Match are among companies that have joined the layoff bandwagon more recently in a bid to rein in the costs amid a looming global economic downturn. Here's a list of major tech firms that have announced layoffs