Indiabulls owned social commerce application, Yaari has laid off 150 employees which is nearly 60% of its total workforce.
According to sources, the company has decided to merge it with another Indiabulls company Dhani Services. The layoffs reportedly happened in the supply support, customer support, business development, and marketing verticals.
The company did not extend any severance package or health benefits to the employees that have been impacted by the layoff.
Indiabulls launched Yaari, a business-to-business (B2B) app a year ago. Yaari later forayed into the business-to-consumer (B2C) segment. Both of the models did not yield desired results which caused the layoffs in the company.
The Yaari app was built to have a variety of products to choose from:
- The individual resellers can resell among their social contacts.
- The app also provides aspiring entrepreneurs, especially women.
- The ease to start an online business from home by taking away the risk of inventory management, payments, and even order fulfillment.
Earlier many companies like Unacademy, Cars24, Vedanta, Meesho, Trell, Furlenco, MPL, Front Row, and many others laid off more than 5,000 employees in India.
Also, Ola laid off about 2,100 employees in the January-March quarter this year, followed by Unacademy (over 600), Cars24 (600), and Vedantu (400). The commerce firm Meesho laid off 150 employees, and Furlenco 200.
