Social commerce platform CityMall lays off 191 employees as it struggles with market conditions
The startup in March had raised $75 million. CityMall, based in Gurugram, is a community commerce platform supported by investors such as General Catalyst, Elevation, Accel and Waterbridge.
In a LinkedIn post, the startup said “191 of our employees will be parting ways with us due to structural changes to CityMall’s functions.”
The layoff affects at least 30% of its workforce.
“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 startup said.
CityMall deals with groceries, fresh and packaged consumer goods, electronics and fashion.
The platform said it will provide “outplacement assistance to all employees leaving the company.”
“Every employee affected by this layoff has helped make Citymall what it is today, and this is one of the toughest decisions the company has ever had to make,” he said. added.
The startup has raised over $110 million to date.
Founded by alumni of IIT Delhi and IIT Roorkee, CityMall aims to nurture hundreds of thousands of such micro-entrepreneurs and empower them to create the go-to e-commerce platform for “Bharat”.
To date, more than 10,000 startup employees in India have been laid off amid global macro conditions that have triggered a funding winter for the startup ecosystem.
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