The latest Indian startup to eliminate roles as it looks to better navigate the sharp reversal in the markets is social commerce CityMall.
The startup, which has raised over $110 million, said it is cutting the jobs to bring about structural changes at CityMall.
At least 30% of the startup's workforce is affected by the layoffs. In India, CityMall works with over 30 000 micro-entrepreneurs to power its e- commerce engine. Two months ago, the startup said it had over 500 employees.
There are certain roles within the company which had to be dissolved to align to our evolving business model and the current business environment.
The startup will work with the employees to find them jobs. The startup said that this is one of the toughest decisions the company has ever had to make.
There has been a growing number of layoffs among Indian startup. In the last few weeks, a number of startup companies have let go of employees.
The market correction has led to the elimination of over 9,500 jobs in India. As tech stocks around the world fall to levels not seen in recent years, investors in India have slowed down their investments.
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