Sequoia Backed Aqgromalin Lays Off 30% Workforce As Investors Back Out
Sequoia Surge-backed animal husbandry and aquaculture startup Aqgromalin has laid off around 30% of its workforce, or 80 full-time employees, from its corporate offices. Aqgromalin had to let go of its employees as it was trying to raise a new round of funding, which didn’t materialize.
The Chennai-based startup had held talks with several investors, including a Korean-based fund which invests in early stage startups, for the funding round, sources told Inc42. However, on the date of signing the deal, the lead investors pulled out citing economic downturn.