CityMall decides to lay off 191 employees
Gurugram-based social commerce platform CityMall has brought in a number of structural changes to its employee base and has decided to lay off 191 workers to adapt to evolving market conditions.
“191 of our employees will be parting with us due to structural changes across functions at CityMall,” the business announced in a post on its Linkedin page. “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.”
CityMall aims to offer outplacement assistance to each of the employees it is making redundant, it said. The layoff will affect at least 30% of the CityMall workforce, Indo-Asian News Service reported.
“Each and 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,” CityMall wrote on Linkedin.
The announcement follows a recent $75 million funding round in March which saw participation from investors including Elevation, Accel, General Catalyst, and Waterbridge among others. To date, the business has raised a total of $110 million in funding.
Copyright © 2022 FashionNetwork.com All rights reserved.