Home renovation and interiors platform Livspace laid off 100 employees. The Singapore-based startup informed affected employees of job cuts via email on Thursday (March 17).
Livspace is a curated marketplace that offers a full-service home design experience. The startup’s online marketplace also provides software tools to assist designers and homeowners with interior design. According to the sources, the layoffs are part of a cost-cutting exercise as the startup looks for ways to extend its runway.
The layoffs have affected 2% of the total workforce, according to the company. Over 100 employees have been laid off as a result of the layoffs. A source added that the layoffs had the greatest impact on the product, engineering, content, and marketing teams.
“The business has more than doubled over the past year and we aim to turn profitable in the coming year. We have a strong balance sheet, are backed by prestigious investors, and are well positioned to deliver long-term sustainable growth for the company. “Our focus remains on maximising value for our shareholders, customers, partners, and employees through the most efficient deployment of capital and resources,” the company said in a statement.
“In the normal course of business, a company of our size will redeploy resources. “This is organic and reflects normal adjustments and/or performance management parameters,” it continued.
“We were told that the company will not provide any kind of severance package and will only pay us for the 15 days we worked this month,” one of the sources said. However, the company stated that it has provided an assistance package as well as medical insurance to the affected employees.
“We are taking all necessary steps to ensure a smooth transition for employees in the form of an assistance package, extended medical insurance, and necessary outplacement services wherever possible within our network,” the company said in a statement.
