Livspace, a platform specialising in home interiors and renovations, has implemented cost-cutting measures that include the layoff of a minimum of 100 employees.
The company has let go of 2% of its staff, specifically from its product, engineering, content, and marketing teams. The company has released a statement assuring that it will allocate its resources in due course, reported Inc42.
Livspace explained that the layoffs were a natural and regular part of performance management, stating that the company has grown by over 100% in the past year and plans to become profitable in the upcoming year.
"This is organic and a reflection of normal adjustments and/or performance management parameters," said the company according to IANS.
During the initial wave of the Covid-19 pandemic, Livspace had terminated the employment of 450 individuals. In October of last year, the company set aside $100 million to fund and nurture fresh ideas and brands in the home interiors and renovation direct-to-consumer (D2C) market segment.
Livspace, headquartered in Singapore, has expressed its ambition to provide a range of home interiors and renovation solutions, as well as D2C offerings that cater to different homeowner segments throughout its markets in 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, of Livspace, said.
With operations in more than 45 cities throughout Southeast Asia, India, and the Middle East region, Livspace has accumulated approximately $450 million in funding from major global investors such as KKR, Ingka Group Investments (a subsidiary of the largest IKEA retailer, Ingka Group), TPG Growth, Goldman Sachs, Kharis Capital, Venturi Partners, among others.