India’s CityMall cuts 191 jobs after raising $ 75m in late March – TechCrunch

Social trade CityMall, which unveiled a $ 75 million funding round at the end of March, is cutting 191 jobs, India’s newest startup company, as it seeks to better target markets.

The Gurugaon-based startup, which has raised more than $ 110 million and includes General Catalyst, Norwest Venture Partners and Jungle Ventures among its supporters, said it was cutting jobs to bring about “structural changes in CityMall’s functions.”

According to a LinkedIn analysis, the layoffs affect at least 30% of the three-year startup’s workforce. CityMall is working with more than 30,000 micro-entrepreneurs to power its e-commerce engine in about 30 Indian cities. The startup said two months ago that it has more than 500 employees.

“After researching many options, we realized that there [are] certain roles in the company that had to be disbanded in order to align with our growing business model and current business environment, “the startup said in a post on LinkedIn.

The three-year startup said it would work with affected employees to help them find jobs. “Every and every employee affected by this dismissal has contributed to building CityMall to 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 marks the latest in a growing series of layoffs among Indian startups. BlinkIt, formerly known as Grofers, a struggling online grocer, online training platforms Unacademy, Eruditus and Vedantu, Cars24, fintech Rupeek, social trade Meesho and online pharmacy PharmEasy are among the startups that have laid off employees in recent weeks.

Jobs of more than 9,500 employees in India were eliminated this year due to market adjustments (or at least that was the only popular excuse.) Investors in India, as elsewhere, have slowed the pace of their investment as technology stocks worldwide are falling to an unprecedented level in recent years.

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