Online food-ordering startup TinyOwl to lay off over 100 employees more
Advertisement
Just two months after slashing 200 jobs, online food-ordering startup TinyOwl is at it again. It has decided to lay off 112 employees more in its second round of staff cuts in a bid to minimize expenses. This will bring down the company's total employee count from 1,000 to nearly 650 now.
The decision comes in the wake of a slowing fundraising market in India.Food startups are increasingly looking to cut costs in order to run a sustainable model.
In September, TinyOwl laid off employees, primarily from its sales and delivery teams. This time it will be largely from sales teams across 4 cities - Delhi, Hyderabad, Chennai and Pune.
"It was a tough decision," cofounder and chief executiveHarshvardhan Mandad told ET. "Going forward, our operations will have to be more tech-oriented because margins are thin in the food business as compared to other online marketplaces."
The company said it is making processing of orders and delivery more "automated" in Mumbai and Bengaluru.
The company in February raised Rs 100 crore in a funding round led by Matrix Partners, with Sequoia Capital and Nexus Venture Partners participating. TinyOwl also counts Snapdeal founders Kunal Bahl and Rohit Bansal as investors.
It was founded in 2014 by IIT-Bombay graduates Mandad, Gaurav Choudhary, Saurabh Goyal, Shikhar Paliwal and Tanuj Khandelwal.
Advertisement
The decision comes in the wake of a slowing fundraising market in India.
In September, TinyOwl laid off employees, primarily from its sales and delivery teams. This time it will be largely from sales teams across 4 cities - Delhi, Hyderabad, Chennai and Pune.
"It was a tough decision," cofounder and chief executive
The company said it is making processing of orders and delivery more "automated" in Mumbai and Bengaluru.
Advertisement
It was founded in 2014 by IIT-Bombay graduates Mandad, Gaurav Choudhary, Saurabh Goyal, Shikhar Paliwal and Tanuj Khandelwal.
Advertisement
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- 2 states where home prices are falling because there are too many houses and not enough buyers
- "To sit and talk in the box...!" Kohli's message to critics as RCB wrecks GT in IPL Match 45
- 7 Nutritious and flavourful tiffin ideas to pack for school
- India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030
- Top 5 places to visit near Rishikesh
- Indian economy remains in bright spot: Ministry of Finance
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market