News: After Amazon and Salesforce, Moglix becomes the latest to join the layoff spree

Strategic HR

After Amazon and Salesforce, Moglix becomes the latest to join the layoff spree

The economic slowdown has been showing its severe effects as businesses have been laying off employees in large numbers. The latest one to join the spree is Tiger Global-backed unicorn Moglix.
After Amazon and Salesforce, Moglix becomes the latest to join the layoff spree

Joining the layoff spree, Tiger Global-backed unicorn Moglix has laid off 2 to 3 per cent of its workforce.

According to Moneycontrol, its sources said that 200 employees or 15 per cent of Moglix workforce were impacted. But the company told the publication in a statement that only 2 to 3 per cent or about 40 of its employees were sacked after an annual review of employees' performances.

“We have hired 700+ people this year and continue to expand with a target to hire 300+ people for 2023. We keep a watch out for low performers and continue to automate tasks, for which annually 2-3 per cent of people can be impacted,” the company said in a statement. 

The decision to layoff came a year after Moglix raised $250 million in a Series F round led by existing investor Tiger Global and Alpha Wave with new investor Ward Ferry. 

The company recieved funds valuing $2.6 billion, more than double its valuation from May 2021, as B2B marketplaces grew faster than ever during the pandemic.

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Topics: Strategic HR

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