Info Edge Ventures-backed 1K Kirana lays off 40% workforce to restructure business
Kirana tech startup 1K Kirana Bazaar has laid off around 40 percent of its workforce as it restructures its business and winds up operations in a few geographies.
Co-founder Kumar Sangeetesh, in a statement to Moneycontrol’s queries, said, “We are currently in the process of restructuring as our growth forecasts have changed. We are changing our focus areas and moving out of a few geographies. Due to this, we have to let go of 40 percent of our employees.” DealStreetAsia reported the layoffs first.
However, multiple sources privy to the matter told Moneycontrol that the number was at least over 60 percent of the workforce, or at least 600 employees.