On Sunday evening, the company posted on professional networking site LinkedIn, saying it has taken the call to layoff a portion of its staff after exploring multiple options.
Citymall said it had realised that there are certain roles within the company that had to be dissolved to adapt to the current environment.
Citymall,
which raised $75 million in March, is the latest startup to join a growing list of new-age companies which have been cutting their workforce amid a slowdown in funding to extend their cash runway.
“Each and every employee affected by this layoff has contributed to building Citymall to what it is today, and this is one of the toughest decisions the company has ever had to make,” the company said. Startups like Meesho, Cars24, Unacademy and others have fired more than 4,000 employees over the past two months to cut costs and conserve cash.
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The Gurgaon-based Citymall competes with Dealshare, which also operates through the community buying model, and was last valued at $350 million. Its investors include
Partners, Norwest Venture Partners, Elevation Capital, General Catalyst and others.
An employee who left the company recently told ETtech that senior executives of the company had spoken about letting go employees in a recent town hall meeting. These people said that the layoffs will be performance-related.
