Brands
YSTV
Discover
Events
Newsletter
More

Follow Us

twitterfacebookinstagramyoutube
Yourstory

Brands

Resources

Stories

General

In-Depth

Announcement

Reports

News

Funding

Startup Sectors

Women in tech

Sportstech

Agritech

E-Commerce

Education

Lifestyle

Entertainment

Art & Culture

Travel & Leisure

Curtain Raiser

Wine and Food

Videos

ADVERTISEMENT
Advertise with us

Dealshare lays off 100 employees

In a statement, the founder called this move part of the company's "business restructuring plan" and to "sustain growth".

Dealshare lays off 100 employees

Friday January 27, 2023 , 1 min Read

Ecommerce firm DealShare has laid off around 100 employees, around 6% of its 1,500-strong workforce.

The Economic Times was the first to report the development.

Founder and CEO Sourjyendu Medda told ET that the decision is linked to the startup's business plan for the next financial year with a focus on profitability.

He also added that the massive market downturn that started early to mid last year made the company rethink its business strategy and make changes to its execution plan.

In a statement to YourStory, Sourjyendu said, "As part of our business restructuring plan and to sustain growth, we have taken a difficult decision to reduce the size of the team by 100 employees which constitutes only 6% of the company. We have taken adequate measures to compensate the affected employees."

The move to reduce workforce has helped Dealshare reduce its monthly burn “to less than 40% of our peak burn” and increase its cash runway, added the ET report.

ET also reported that Dealshare's annualised gross merchandise value (GMV) run rate dropped by one-third to around $600 million from $900 million last year.

ALSO READ
Every one in four Indians concerned about job layoff: Survey


Edited by Saheli Sen Gupta