B2B e-commerce unicorn Moglix has laid off 2-3 p.c of its workforce and joined different tech startups which have not too long ago laid off workers as a consequence of funding shortages.
Nevertheless, the corporate mentioned these workers have been fired based mostly on their annual efficiency opinions.
“We employed over 700 folks this 12 months and proceed to develop with the purpose of hiring greater than 300 by 2023. We monitor underperformers and proceed to automate duties the place 2-3 p.c of individuals could also be affected every year.”
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Whereas the prospect of layoffs has dictated Amazon for months — the corporate admitted it employed too many individuals through the pandemic — the rising whole signifies the corporate’s outlook is tarnished.
Moglix is reportedly in talks to boost $100-150 million.
Based in 2015 by Rahul Garg, the Tiger World-backed firm turned a unicorn in Could 2021.
A number of the different notable traders within the firm embody: Ratan Tata, Sequoia Capital, Enterprise Freeway and Falcon Edge.
In line with the corporate, automotive, pharmaceutical, chemical, infrastructure, metals and mining, oil and fuel, FMCG, and so on. It serves 5 million MSMEs and greater than 700 international companies to digitize their provide and provide chains at greater than 3,000 factories within the fields.
The beginning-up ecosystem globally goes by way of a funding winter that has led many start-ups to chop prices, give attention to profitability and shut enterprise verticals to justify their 2021 valuations.
Because of this, almost 18,000 workers have been laid off final 12 months by main start-ups equivalent to BYJU’S, Unacademy, Vedantu, OYO and Zomato.
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