As a part of company restructuring, Meesho’s spokesperson confirmed that the company has decided to lay off 150 employees.
Facebook-backed e-commerce startup has laid off 150 employees. The employees were part of the grocery business which was rebranded and restructured as Meesho Superstore. In the restricting procedure, the company has integrated its grocery section into the main shopping app, which led to few redundancies.
An e-commerce platform founded by Vidit Aatrey and Sanjeev Barnwal in 2015 has raised over a billion dollars so far. The company has big investors like Meta (Facebook), Softbank, Fidelity Management, Research Company, and others.
The company has a workforce of around 2000 employees and it will not be downsized
any further.
The company has expanded its grocery business to six states including- Karnataka, Maharashtra, Andhra Pradesh, Gujarat, Telangana, and Madhya Pradesh. Also, it plans to widen the grocery business to 12 more states by the end of this year.
The start-up ecosystem is currently witnessing a wave of layoffs with the planning of restructuring underway. Last week, Ed-tech platform Unacademy announced laying off 600 employees, due to non-performance and role redundancy.
Meesho’s representative confirmed that the affected employees are around 150. He also assured that these employees will be given outplacement assistance and severance packages.
Meesho posted a revenue of Rs. 792 crores in the Fiscal year 2024 and the losses were around Rs. 498 crores. The company was valued at $4.9 billion in 2024.
The company competes with e-commerce platform giants like Amazon, Flipkart, Jiomart, Big Basket, and others. It offers numerous services like Pan-India, logistics, payment services, and over 700 categories to its customers.
