Electric vehicle (EV) manufacturer Euler Motors has laid off 10% of its employees in a restructuring effort, six months after raising $60 Mn in its Series C funding round.
“We are restructuring our company to better deliver to customers as well as to investor expectations of greater efficiency in the context of changing global circumstances,” said a company spokesperson in a statement on Monday (April 10).
“Our decision to restructure, however, meant that we had to part with approximately 10% of our employees from across the organisation – many of whom have made invaluable contributions to our growth and success,” the spokesperson said.
The startup claimed that it has provided “appropriate” severance to the laid-off employees. As per the company’s LinkedIn page, Euler Motors has over 500 employees in the startup.
According to an Inc42 source, the number of impacted employees stands at around 180-200.
The development comes at a time when the Indian startup ecosystem has already laid off over 24,000 employees since last year amid global macroeconomic uncertainty and a severe funding crunch.
However, so far, layoffs in the EV industry were a rarity due to increased adoption and capital infusion by investors. Euler is the second EV startup which has reported layoffs. In January this year, EV startup Bounce laid off around 3%-4% of its total workforce.
