CityMall lays off 191 employees, three months after raising $75m
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CityMall, a social commerce startup, has laid off around 191 employees from various departments including customer support, sales team, marketing, HR team, among others. This comes three months after raising $75 million in funding from the company.
“191 of our employees will be leaving us due to structural changes in CityMall functions. After exploring several options, we realized that certain roles within the company needed to be dissolved to align with our business model. renewable energy and the current business environment,” the company said in a statement posted on the professional networking site LinkedIn on Sunday.
The statement also added that “We will provide outplacement assistance to all employees who will leave the company. Every employee affected by this termination has contributed to making CityMall what it is today, and that is one of the toughest decisions the company has ever had to make.”
Reports indicate that the layoffs are happening not just in India, but across the globe. 209 tech startups globally have announced layoffs since the start of 2022. Startups like Meesho, Cars24, Unacademy, Udayy and others have laid off more than 4,000 employees in the past two months to cut costs and save money. ‘silver.
CityMall is a social e-commerce platform, backed by global VCs including Accel Partners, Elevation Capital, General Catalyst, Jungle Ventures, and Waterbridge Ventures. The platform aims to help the 400 million new internet users realize the power of the internet and e-commerce. Grocery, fresh and packaged FMCG, electronics and fashion categories are the industries CityMall deals with. The startup has raised $110 million to date.
According to market analysis, through June 2022, the number of employees laid off by tech startups stood at 131,314 globally. The most affected industries are transport, food, travel and finance.