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NEW DELHI: SoftBank-backed unicorn Meesho has laid off 251 employees, or about 15%, of its workforce as the funding slowdown has nudged startups to cut back on expenses, re-evaluate business plans and speed up path to profitability.
“As leaders, we made judgement errors in over-hiring ahead of the curve….we are now faced with the hard truth of aligning our people costs with the new projections for our business,” founder and CEO Vidit Aatrey said in a mail to employees on Friday, a copy of which was reviewed by TOI. Startups typically hire employees based on future growth projections
“We grew by 10 times from 2020 to 2022, helped by Covid tailwinds and aggressive investments. Even as we tracked to our plans, the macro climate undeniably and considerably changed. As a result, we have had to accelerate our timeline to profitability, while readjusting our GMV (gross merchandise value) growth goals to 30% y-o-y,” Aatrey said.
Last year, the e-commerce startup had laid off some 150 employees as it revamped its grocery business Superstore.
“As leaders, we made judgement errors in over-hiring ahead of the curve….we are now faced with the hard truth of aligning our people costs with the new projections for our business,” founder and CEO Vidit Aatrey said in a mail to employees on Friday, a copy of which was reviewed by TOI. Startups typically hire employees based on future growth projections
“We grew by 10 times from 2020 to 2022, helped by Covid tailwinds and aggressive investments. Even as we tracked to our plans, the macro climate undeniably and considerably changed. As a result, we have had to accelerate our timeline to profitability, while readjusting our GMV (gross merchandise value) growth goals to 30% y-o-y,” Aatrey said.
Last year, the e-commerce startup had laid off some 150 employees as it revamped its grocery business Superstore.
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