Yaari, a social commerce platform launched by Indiabulls, has announced that it laid off around 60% of its workforce within a year of the launch.
According to various media reports, the employees were asked to put down their papers in the second half of April. Yaari had a total employee count of around 250 to 300 employees, out of which 150 were laid off.
Last year, Indiabulls had kick-started their new venture Yaari to create a community with interests in the real estate and housing finance space. Fast forward to 2022, though the platform was not performing well, there was constant reassurance from the top management about the job security of the employees.
Yet the layoffs happened and Yaari is likely to either shut down or merge with another Indiabulls entity, Dhani.com, Inc42 reported.
According to the company, employees from supply support, customer support, business development and marketing teams are among those who were asked to resign, with no severance package or extended health benefits being offered yet.
The real estate social commerce startup has offices in three locations – Delhi, Mumbai and Bengaluru. The majority of the affected employees worked from the Bengaluru office.