“As part of our business restructuring plan and to sustain growth, we have taken a difficult decision to reduce the size of the team by 100 employees which constitutes only 6% of the company. We have taken adequate measures to compensate the affected employees,” a company statement said.
Layoffs at the social commerce startup were undertaken across functions, the company said. The realignment plan comes amid challenging macroeconomic conditions, which, as per the firm’s founder and co-chief executive Sourjyendu Medda, are likely to continue in the near term. “We have toned down the business plan a bit in terms of geographical expansion, and the newer spheres of the business that we were going to invest into,” Medda said.
The firm looks to pare down expenses from those parts of its operations which “could lead to longer periods of cash infusion and investments, before becoming profitable.” The firm aims to realign its operations, particularly in Madhya Pradesh and Tamil Nadu, which were among the recently launched geographies, as a measure to contain its costs. It currently operates in 150 cities.
