Influencer led social commerce startup: Trell lays off almost half of its workforce as funding talks fall through
- ByStartupStory | March 14, 2022
Trell, an influencer led social commerce startup is on the verge of letting go of around 40-50% of its workforce.
A source on the condition of anonymity states that Trell is likely to lay off close to 300 people with immediate effect. The company has Overall 700 employees with 500 full time employees present in the company.
The development has come At the time when the company was reportedly going through an investigation by a forensic team from EY India, is when the development came in. According to a report, by the company’s founders and other financial irregularities, the firm has been looking into alleged related party transactions.
According to sources, in the past year, Trell has had a monthly burn rate of $4-5 million. As per a report to go past the $1 billion valuation mark, Trell was also in conversations with Amazon and others to raise $50-60 million. It has been emphasised by the sources that this conversation didn’t move beyond the preliminary stage. The company was valued at Around $120 million was valued by the company in July last year during a $45 million Series B round.
Trell was founded by Agrawal, Arun Lodhi,Rebba, and Prashant Sachan. In mid-2020, Sachan moved out of the company.
Trell pivoted itself to a lifestyle-centric short video app from a community-based platform and then in mid-2021 it entered into video commerce model. To create videos of their travel and local experiences and share them as a classic slideshow or copyrighted images on other platforms has been allowed to the users by the company. Its platform is monetised via social commerce.
Over 60 million monthly active users (MAU) on the platform has been claimed by Trell. It offers content In multiple categories across 12 languages such as Hindi, Tamil, English, among other languages, the contents are offered by Trell.
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