iPrice Group, the Southeast Asian e-commerce aggregator platform, announced that it has laid off 20% of its staff as part of several measures to focus on its core mission “to help people save money” shopping online.
The move comes three months after the company announced a $5-million investment from Japanese conglomerates Itochu Corporation and KDDI Corporation in March.
In the retrenchment process, iPrice will follow all contractual and legal requirements and is actively helping the laid-off employees find new opportunities, the company said. “While we proved these new services all resonated with online shoppers, they each required further investment with a longer-term payback. In today’s uncertain economic environment, it’s important to be hyper-focused on the company’s core product,” said iPrice Group co-founder David Chmelař. Meanwhile, iPrice Group CEO Paul Brown-Kenyon said with these changes, the company is in a stronger position to deliver on the core mission to help people save money.
Over the years, iPrice expanded the business from its website to offer a full-suite, white-label marketplace solution for super-apps, including BNPL providers. iPrice recently launched a Price Watch service, which allows users in Indonesia to receive alerts about price drops in their desired products directly on the iPrice App.