INSUBCONTINENT EXCLUSIVE:
targets profitability, according to people familiar with the development.
The e-commerce firm, which plans an initial public offering (IPO)
in 12-18 months, is laying off people across department functions in a move to drive cost efficiency
company, the efficiency enhancement drive and the evolution in business model has created some redundancies in the system, with some roles
$120 million in convertible notes and debt from shareholders and bondholders, amid a funding winter for start-ups
The firm has raised a total funding of $1.6 billion from investors that include Microsoft, Lightspeed Venture Partners, and Nomura.
It was
valued at $3.1 billion in its last funding round of $280 million in January 2021 from existing and new investors
The start-up competes with giants like Amazon, and JioMart in B2B e-commerce, especially in smaller places the company refers to as
The firm had said that the gross margin percentage has gone up almost three-fold year-on-year (YoY)
At one stage during the lockdown, the firm reportedly lost almost 60 per cent of its business
It had to lay off its contract staff, leading to the loss of around 3,000-3,500 jobs
registered users, and about 30,000 sellers across 1,100 cities in the country
The platform has over three million retailers, chemists, kirana shops, and farmers doing over five million transactions per month.
