A new-age used car end-to-end platform in India, Spinny will cut around 300 jobs in order to boost profitability.
Spinny has about 6,000-6,200 employees and the sackings affect 5 percent of the workforce. The company is currently operating in Delhi-NCR, Bengaluru, Hyderabad, Pune, Mumbai, Kolkata, Chennai, Ahmedabad, Jaipur, Chandigarh, Indore, Coimbatore, Lucknow, Kochi and Surat.
According to Money Control, the company said in a statement, “This business reorganization will strengthen our go-to-market business model, reduce costs and improve our margin profile, putting us on an expedited path to profitability.”
“However, it will impact approximately 4.5 percent of our total workforce as we consolidate our operations under a single brand,” the statement added.
As per the report, the layoffs will be impacting employees of Truebil and Spinny Max, two subsidiaries of Spinny. After the layoffs, the rest of the employees would be merged under Spinny.
Recently, 5G equipment supplier Ericsson said it would cut 750 employees from its North American business as it shutters its field services operation.
An Irish-American professional services company, Accenture is planning to cut around 890 jobs from its Irish operations.
It will be a round of global job reductions announced in March. The company currently has over 6,500 staff. In March 2023, the company announced its decision to let go of 19,000 people from its global workforce, that is, about 2.5 percent of its total workforce.
Amazon sacked 27,000 employees in the last three months. The major companies that laid off employees include Infosys, Amazon, Google, Byju’s, Wipro, and Salesforce laid off a maximum number of workers globally.
So far in 2023, there have been 1,351 layoffs at tech companies with 328,781 people impacted (1,529 people per day). In 2022, there were 1,557 layoffs at tech companies and 243,318 people impacted (667 people per day).