Social commerce platform CityMall lays off 191 employees

Social


New Delhi, June 20 : Social commerce platform CityMall has laid off 191 employees as it battles to navigate the current market conditions. The startup in March had raised $75 million. Gurugram-based CityMall is a community commerce platform backed by investors like General Catalyst, Elevation, Accel and Waterbridge. In a LinkedIn post, the startup said that "191 of our employees will be parting with us due to structural changes across functions at CityMall". The layoff impacts at least 30 per cent of its workforce. "After exploring multiple options, we've realised that 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 posted. CityMall deals in grocery, fresh and packaged FMCG, electronics and fashion categories. The platform said it will provide "outplacement assistance to all the employees who will be moving out of the company". "Each & every employee affected by this layoff has contributed to building Citymall to what it is today, and this is one of the toughest decisions the company has ever had to make," it added. The startup has raised over $110 million to date. Founded by IIT Delhi and IIT Roorkee alumni, CityMall aims to create hundreds of thousands of such micro-entrepreneurs and empower them to create the go-to e-commerce platform for "Bharat". To date, more than 10,000 startup employees in India have been laid off amid global macroeconomic conditions that triggered funding winter for the startup ecosystem. /IANS




Related

Hitachi Group's GlobalLogic appoints Nitesh Banga as President, CEO
New Delhi, Aug 4 : Digital engineering services provider GlobalLogic, a Hitachi Group company, on Thursday said its Chief Operating Officer (COO) Nite

Tinder CEO departs after disappointing results, company stops metaverse plans
San Francisco, Aug 3 : Dating app Tinder CEO Renate Nyborg has moved on after less than a year in the job, after the company posted disappointing seco

Y Combinator cuts startup batch size by 40% amid economic downturn
San Francisco, Aug 3 : Silicon Valley-based startup accelerator Y Combinator has reportedly slashed its summer startup nurtruring batch by 40 per cent