General Catalyst-backed CityMall lays off nearly 15% of its workers
- ByStartupStory | June 20, 2022
CityMall, a grocery-focused social commerce business, has joined the ranks of more than a dozen other firms that have eliminated staff in order to save money and extend their runway. According to the company’s LinkedIn post, the Gurugram-based firm has laid off around 190 people.
The layoffs have been ongoing for several weeks,” claimed one of the individuals, who did not want to be identified. The affected personnel make up about 15% of the overall workforce and work in marketing, sales, human resources, and engineering.
According to reports, CityMall employs 1,100-1,200 people, including off-role workers, despite its LinkedIn page indicating that the company employs over 800 people. However, Angad Kikla, the company’s co-founder and CEO, rejected the development at the time.
After two years of a talent battle, layoffs have become the new normal for venture-backed firms in India. CityMall’s layoffs came only four months after raising $75 million in a Series C investment. Several well-funded firms, including Cars24, Rupeek, mFine, Meesho, Unacademy, and Vedantu, have let off thousands of staff in recent months.
CityMall has collected around $115 million to date from investors such as Jungle Venture, Elevation Capital, AM Holding, General Catalysts, Waterbridge Ventures, and Accel, according to Fintrackr’s data, and was valued at around $320 million at its Series C investment.
Through a network of community resellers in tier II and III cities, CityMall trades in lifestyle, groceries, and other categories. While the firm has yet to release its annual financial data for FY22, according to the company’s annual financial report with RoC, it made Rs 14.95 crore in FY21 with a loss of Rs 10.4 crore.
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