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    HomeBusinessCityMall lays off 191 employees, three months after raising $75 m

    CityMall lays off 191 employees, three months after raising $75 m

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    Companies

    ‘To provide outplacement assistance to employees who have been affected’

    CityMall, a social commerce start-up, has laid off 191 employees, citing structural changes across functions in the company. This comes three months after the start-up raised $75 million in a funding round. 

    The company, in its LinkedIn post, said it had come to a decision after exploring multiple options. “We’ve realised that there are certain roles within the company which had to be dissolved to align to our evolving business model and the current business environment,” the post read. 

    In March, CityMall had raised $75 million in Series C funding round, led by Norwest Venture Partners. Investors such as General Catalyst, Citius, Jungle Ventures, Arena Ventures, Elevation, Accel and Waterbridge, were also part of the round. It was reported that the company was valued around $350 million, and the total funds raised stood at $110 million.

    The company has said it will provide outplacement assistance to all employees moving out of the company.  “Each and every employee affected by this lay-off 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,” it further said. 

    Citymall joins the likes of various start-ups such as Vedantu, Cars24, Ola, Meesho, MPL and Unacademy, which have collectively laid off thousands of employees in the last couple of months. 

    The start-up ecosystem is experiencing a funding winter brought about by the macro-economic conditions, and companies have been laying off employees, citing reasons such as role redundancy and funding crunch. 

    Published on June 20, 2022

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