Home renovation and interior platform Livspace is laying off employees as part of a cost-cutting exercise due to the ongoing funding winter.
According to reports, Livspace has sacked at least 100 employees from across several teams. The layoffs have impacted 2 percent of the workforce from the product, engineering, content, and marketing teams of the home decoration firm.
The move of layoffs is part of a larger trend of tech companies cutting jobs and slowing hiring as investors become increasingly fearful of a recession. Â
Tech companies have either frozen the hiring process or laid off many employees. The major companies that laid off employees include Infosys, Amazon, Google, Microsoft, Byju’s, Wipro, and Salesforce laid off a maximum number of workers globally.
“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 marquee investors, and are well positioned to deliver long-term sustainable growth for the company,” the company said in a statement.
“As a result, this also means that some employees will transition from the company which is about less than 2% of the entire workforce. We are taking all the necessary steps to ensure we provide employees with a smooth transition in the form of an assistance package, extended medical insurance, and necessary outplacement services wherever possible within our network,” stated the company
“We are continuously investing in building the best culture and in creating the best career path for our employees,” added Livspace.
Livspace is Asia’s largest and fastest-growing omnichannel home interiors and renovation platform. The company has provided a one-stop renovation solution for homeowners — from design to managed last-mile fulfillment for all rooms in a home.
The platform has organized a fragmented industry, bringing together designers, brands, manufacturers, and contractors to enable an eCommerce-like trusted, and predictable experience. Livspace currently serves Singapore and Malaysia, KSA in the Middle East as well as 30 metro and non-metro areas in India.
Livspace has showcased phenomenal growth since its launch, having delivered over 125,000 rooms and selling over 7.5 million SKUs through its platform.
The company has raised around USD 450 million in capital from some of the top global investors including KKR, Ingka Group Investments (part of the largest IKEA retailer Ingka Group), TPG Growth, Goldman Sachs, Kharis Capital, Venturi Partners, FFP (Peugeot Group’s Holding Company), EDBI, Bessemer Venture Partners, Jungle Ventures, Helion Ventures, and UC-RNT.
So far in 2023, there have been 662 layoffs at tech companies with 175,660 people impacted (2,224 people per day). In 2022, there were 1,535 layoffs at tech companies 241,176 people were impacted.
