Social commerce CityMall, which unveiled a $75 million funding round in March, is cutting 191 jobs, the latest Indian startup to eliminate roles as it looks to better navigate sharp reversals in markets .
The Gurugram-headquartered startup, which has raised more than $110 million and counts General Catalyst, Norwest Venture Partners and Jungle Ventures among its backers, said it would cut jobs to bring about “structural changes in operations at CityMall”. Used to be.
According to a LinkedIn analysis, layoffs affect at least 30% of a three-year-old startup’s workforce. CityMall works with over 30,000 micro-entrepreneurs to drive its e-commerce engine in approximately 30 Indian cities. The startup said two months ago that it had over 500 employees.
“After exploring several options, we have realized that there [are] “Certain roles within the company that had to be dissolved to align to our evolving business model and the current business environment,” the startup said in a LinkedIn post.
The three-year-old startup said it would work with the affected employees to help them get jobs. “Every employee affected by this layoff has contributed to the building of CityMall, and it is one of the toughest decisions the company has ever made,” the startup said.
Sunday’s announcement is the latest in a growing series of layoffs among Indian startups. Blinkit, formerly known as Grofers, a struggling online grocer, online learning platforms Unacademy, Eruditus and Vedantu, car marketplace Cars24, fintech RuPay, social commerce Meesho and online pharmacy PharmEasy are among startups that have hired employees in recent weeks. has been let go.
More than 9,500 workforce jobs in India have been lost this year because of a market correction (or so has been the most popular excuse.) Investors in India, as elsewhere, have taken the pace of their investments in technology. has slowed down considerably. Globally, stocks fell to levels not seen in recent years.