Internet marketplace platform CityMall lays off 191 employees despite raising $75m in March

0

CityMall, the Elevation Capital-backed internet marketplace platform, has laid off 191 employees as it tries to navigate its way through current business challenges, the company said in a post on LinkedIn.

“After exploring several options, we realized that certain roles within the company needed to be dissolved to align with our evolving business model and the current business environment,” the company said Sunday evening.

The startup raised $75 million in its Series C fundraising round earlier in March and to date has raised over $110 million.

CityMall, which caters to grocery, fresh and packaged consumer goods, electronics and fashion categories, has Accel, Norwest Venture Partners, Elevation Capital and General Catalyst as investors.

The company in its message attached a Google form and that it will provide outplacement assistance to its departing employees: “We will provide outplacement assistance to all employees who will be leaving the company. Every employee affected by this layoff has helped make Citymall what it is today, and it is one of the toughest decisions the company has ever had to make.

According to its Linkedin page, the company globally has 500 employees, 191 of whom were recently laid off.

The move comes in the wake of 10,000 employees working in startups who have already lost their jobs due to winter funding for the startup ecosystem and global macro headwinds. Startups such as Meesho, Unacademy, Vedantu and Lido Learning recently announced layoffs.

Founded by alumni of IIT Delhi and IIT Roorkee, CityMall intends to empower hundreds of thousands of micro-entrepreneurs to create the go-to e-commerce platform for “Bharat”.

Share.

Comments are closed.