Ecommerce platform Dealshare laid off 100 employees, or about 6% of its 1,500-person workforce, in an effort to reduce its monthly burn rate and turn profitable.
DealShare is a social marketplace for ecommerce. It allows inexperienced internet users to shop online. The grocery delivery unicorn has thus joined the growing list of Indian startups that have laid off employees since the beginning of 2022. The layoffs at DealShare come a year after the startup raised $210 million in funding in two rounds in early 2022, propelling it into the unicorn club. To cut costs, DealShare has reduced its focus on many initiatives and geographical spread. As a result, the startup has halted operations in the bottom 20% of the 150 cities in which it operates across the country.