According to media reports, the home interiors and refurbishment website Livspace has fired off at least 100 staff as part of cost-cutting efforts.
According to a report published by prominent startup coverage portal Inc42, the layoffs affected 2% of Livspace’s employees, affecting product, engineering, content, and marketing departments.
“we will, in the normal course of our operations, redeploy resources” the corporation stated in a statement.
“This is organic and a reflection of normal adjustments and/or performance management parameters,” it said, adding that the company’s revenue has more than quadrupled in the last year and that it expects to become profitable in the future year.
450 employees were laid off by Livspace during the first wave of the Covid epidemic.In October, the firm set aside $100 million to invest in and incubate new services and brands in the direct-to-consumer (D2C) market for home interiors and renovations.
Livspace, located in Singapore, stated that it intends to develop different home interiors and refurbishment solutions, as well as D2C products, to serve homeowners in various segments across India, Southeast Asia, and the Middle East area.
“As we continue to scale across new segments in existing geographies and enter new regional markets, we are looking for successful businesses and like-minded entrepreneurs that help us scale even faster,” Livspace CEO and Co-founder Anuj Srivastava stated.
Livspace presently operates in over 45 locations around Southeast Asia, India, and the Middle East.
It has attracted around $450 million in cash from some of the world’s best investors, including KKR, Ingka Group Investments (a subsidiary of the world’s largest IKEA retailer, Ingka Group), TPG Growth, Goldman Sachs, Kharis Capital, Venturi Partners, and others.
“The business has more than doubled over the past year and we aim to turn profitable in the coming year. We have a strong balance sheet, are backed by marquee investors, and are well-positioned to deliver long-term sustainable growth for the company. Our focus continues to be on the most efficient deployment of capital and resources to maximize value for our shareholders, customers, partners, and employees,” the company said in a statement.
“In a company of our size, we will, in the normal course of our operations, redeploy resources. This is organic and a reflection of normal adjustments and/or performance management parameters,” it added.
