New Delhi, March 20: Home interiors and renovation platform Livspace has laid off at least 100 employees as part of cost-cutting measures, the media reported. According to a report in leading startups coverage portal Inc42, the layoffs impacted 2 per cent of Livspace workforce, affecting product, engineering, content, and marketing teams.
The company said in a statement that "we will, in the normal course of our operations, redeploy resources". "This is organic and a reflection of normal adjustments and/or performance management parameters," it said, adding that the business has more than doubled over the past year and it aims to turn profitable in the coming year. Disney Layoffs: Entertainment Giant Instructs Managers To Identify Layoff Candidates, May Cut 4,000 Jobs in April, Says Report.
Livspace had sacked 450 employees during the first wave of the Covid pandemic. In October last year, the company earmarked $100 million to invest and incubate new offerings and brands in the direct-to-consumer (D2C) market in the home interiors and renovation segment.
Singapore-based Livspace said it aims to create multiple home interiors and renovation solutions and D2C offerings which serve homeowners across various segments in its markets across India, Southeast Asia and the Middle East region.
"As we continue to scale across new segments in existing geographies and enter new regional markets, we are looking for successful businesses and like-minded entrepreneurs that help us scale even faster," Anuj Srivastava, CEO and Co-founder, Livspace, had said. Livspace currently has operations in over 45 cities across Southeast Asia, India, and the Middle East region. ChatGPT Layoffs: Microsoft-Owned AI-Powered Tool To Eliminate Lot of Current Jobs, Says OpenAI CEO Sam Altman.
It has raised around $450 million in capital from some of the top global investors including KKR, Ingka Group Investments (part of largest IKEA retailer Ingka Group), TPG Growth, Goldman Sachs, Kharis Capital, Venturi Partners and others.
(The above story first appeared on LatestLY on Mar 20, 2023 11:28 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).