Gurgaon, India-based social commerce start-up Citymall, announced that it will be cutting 30% of its workforce to travel through troubling waters ahead.
Citymall recently unveiled that it had secured a $75mn in a Series C funding round at the end of march backed by General Catalyst, Citius, and Jungle ventures.
Citymall, founded by Angad Kikla and Naisheel Verdhan in 2019 , has been on a steady GMV path and was expected to hit $1 billion over the next 12 months. The company’s primary focus is on helping Mom and pop stores to be able to get on the eCommerce train.
Company’s statement on the layoffs from Linkedin
191 of our employees will be parting with us due to structural changes across functions at CityMall. After exploring multiple options, we’ve realized that there’re certain roles within the company which had to be dissolved to align with our evolving business model and the current business environment.
We will be providing outplacement assistance to all the employees who will be moving out of the company. Each & every employee affected by this layoff has contributed to building Citymall to what it is today, and this is one of the toughest decisions the company has ever had to make.
We have built a highly capable team at Citymall, and we’d be happy to share details of affected employees with companies that are hiring. Please fill this form for the same – https://bit.ly/3aZDEgb.
We have always, and will continue to value the contributions of all our employees.