Social e-commerce venture Citymall fires 191 employees

Taking to professional networking site LinkedIn on Sunday evening, Citymall said “191 of our employees will be parting with us due to structural changes across functions at CityMall. After exploring multiple options, we’ve realised that there’re certain roles within the company which had to be dissolved to align to our evolving business model and the current business environment.”

The social e-commerce venture added that they will be providing outplacement assistance to all the employees who will be moving out of the company.

Adding that each and every employee affected by this layoff has contributed to building Citymall to what it is today, Citymall stated that they would be happy to share details of affected employees with companies that are hiring.

Related News

Coinbase fires 8% of its India workforce amid crypto crash

Related News

TCS ordered to reinstate employee fired 7 years ago, pay full salary

The mass layoff comes nearly three months after the startup raised $75 million in March in a series C round led by Norwest Venture Partners. Investors including Jungle Ventures, Elevation, and Accel also participated.

A former employee told Economic Times that senior executives of Citymall had spoken about letting go employees in a recent town hall meeting. They had said that the layoffs will be performance-related.

With this, Citymall has become the latest startup to join the ever-growing list of new-age companies which have bid farewell to numerous employees in cost-cutting exercises amid a slowdown in funding.

Related News

At 40, Ashneer Grover says its time for the ‘Third Unicorn’

Meanwhile, Gurgaon-based Citymall was last valued at $350 million.