Ecommerce platform Dealshare laid off 100 employees

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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.

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Ecommerce platform Dealshare laid off 100 employees

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.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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