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India’s CityMall cuts 191 jobs following $75 million fundraise in late March – TechCrunch

Social Commerce CityMall, which announced a $75 million funding round in late March, is shedding 191 jobs, the latest Indian startup to shed roles to better handle the sharp turn in markets.

The Gurugaon-headquartered startup, which has raised over $110 million and counts General Catalyst, Norwest Venture Partners and Jungle Ventures among its backers, said it was cutting the positions to bring about “structural changes across all functions of the CityMall.”

According to a LinkedIn analysis, the layoff affects at least 30% of the workforce at the three-year-old startup. CityMall works with over 30,000 micro-entrepreneurs to power its e-commerce engine in approximately 30 Indian cities. The startup announced two months ago that it had over 500 employees.

“After reviewing several options, that’s what we found there [are] certain roles within the company that had to be dissolved to align with our evolving business model and current business environment,” the startup said in a LinkedIn post.

The three-year-old startup said it will work with affected employees to help them find jobs. “Every employee affected by this layoff has helped make CityMall what it is today, and this is one of the most difficult decisions the company has ever had to make,” the startup said.

Sunday’s announcement is the latest in a growing string of layoffs at Indian startups. BlinkIt, formerly known as Grofers, a struggling online grocery retailer, online learning platforms Unacademy, Eruditus and Vedantu, car marketplace Cars24, fintech Rupeek, social commerce Meesho and online pharmacy PharmEasy are among the startups that have taken on staff in recent weeks have fired.

Over 9,500 employees in India have had their jobs cut this year due to the market correction (at least that was the most popular excuse). Investors in India, as elsewhere, have significantly slowed the pace of their investment in technology, with global stocks falling to levels not seen in recent years.

India’s CityMall cuts 191 jobs following $75 million fundraise in late March – TechCrunch Source link India’s CityMall cuts 191 jobs following $75 million fundraise in late March – TechCrunch