BeepKart Layoffs: Bengaluru-Based Used Two-Wheeler Marketplace Reduces 40% of Its Workforce, Shuts Down 11 Stores To Cut Rising Costs
BeepKart, a Bengaluru-based used two-wheeler marketplace announced several rounds of job cuts to cope up with rising costs. The latest round of BeepKart layoffs affected 60-70 employees and in total, the company reduced 40% of its workforce in five months.
Bengaluru, October 9:슬롯 머신 사이트 추천슬롯 머신 사이트 추천BeepKart, an Indian second-hand two-wheeler marketplace,슬롯 머신 사이트 추천fired슬롯 머신 사이트 추천130 employees in the past five months to reduce the costs and half the store count.슬롯 머신 사이트 추천 The슬롯 머신 사이트 추천Bengaluru-based슬롯 머신 사이트 추천company had been슬롯 머신 사이트 추천reducing its workforce for months due to슬롯 머신 사이트 추천funding crunch and other setbacks.슬롯 머신 사이트 추천BeepKart layoffs슬롯 머신 사이트 추천affected around 40% of the total workforce.슬롯 머신 사이트 추천
According to a슬롯 머신 사이트 추천슬롯 머신 사이트 추천by슬롯 머신 사이트 추천Inc42,슬롯 머신 사이트 추천BeepKart layoffs were introduced in three rounds over a period of five months. The recent슬롯 머신 사이트 추천layoffs in September슬롯 머신 사이트 추천2024 affected around 60 to 70슬롯 머신 사이트 추천employees working in offices and stores available in Bengaluru and Chennai.슬롯 머신 사이트 추천All the슬롯 머신 사이트 추천workforce reduction rounds followed the same pattern.슬롯 머신 사이트 추천PubMatic Layoffs: US-Based Adtech Company Lays Off Employees To Focus on Growth Areas, Plans To Increase Workforce by 15% This Year.
The report said the BeepKart layoff round was also announced during a town hall meeting, just like the previous two.슬롯 머신 사이트 추천The슬롯 머신 사이트 추천founders addressed the employees in the meeting, and subsequently, the respective managers informed them about the layoffs.슬롯 머신 사이트 추천
The report슬롯 머신 사이트 추천mentioned one source who said that BeepKart told that it was struggling and did not have much cash to슬롯 머신 사이트 추천bear the cost. Due to this reason, the슬롯 머신 사이트 추천Bengaluru-based company decided to introduce another슬롯 머신 사이트 추천round of job cuts affecting more employees.슬롯 머신 사이트 추천
Depending on the notice periods, BeepKart offered the affected employees severance pay. Beyond layoffs, the슬롯 머신 사이트 추천startup closed 11 stores in슬롯 머신 사이트 추천Bengaluru and Chennai to cope with the costs.슬롯 머신 사이트 추천Since the establishment in 2021 by Hemir Doshi and Abhishek Saraf, the company raised a total of USD 18 million.
BeepKart is backed by the venture capitalists like Vertex Ventures, Stellaris Venture Partners, Chiratae Ventures and Innovan Capital, said the report. The used two-wheeler marketplace currently offers services limited to Bengaluru and Chennai locations. The Indian startup has been struggling with rising costs슬롯 머신 사이트 추천amid hope of슬롯 머신 사이트 추천turning its EBITDA슬롯 머신 사이트 추천positive.슬롯 머신 사이트 추천Tech Hiring Surge: Developers Back in Demand As IT Firms Rebound From Layoffs, Expected To Increase 8.5% in FY25.
The company started hiring aggressively last year to expand its operations by opening new stores for rapid growth. However, the stores opened by BeepKart did not add new customers and instead started cutting each other's market shares due to proximity.슬롯 머신 사이트 추천The startup's policy슬롯 머신 사이트 추천of cutting costs슬롯 머신 사이트 추천resulted in슬롯 머신 사이트 추천poor vehicle quality and customer complaints.
(The above story first appeared on LatestLY on Oct 09, 2024 11:43 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).