Unicorn Moglix adds on the list of layoffs
- ByStartupStory | January 5, 2023
According to sources familiar with the development, industrial goods marketplace Moglix has become the latest Indian unicorn to lay off employees.
This comes almost a year after the unicorn had raised $250 Million in a Series F round led by Tiger Global and Alpha Wave with new investor Ward Ferry, valuing the company at $2.6 billion.
While sources said that 200 employees, or 15% of the Moglix workforce, would be impacted, Moglix said in a statement that 2 to 3%, or about 40 employees, were impacted after an annual review of employee performance.
The B2B marketplace, which is backed by investors such as Tiger Global and Alpha Wave, joins a growing list of companies that have laid off employees in the face of an increasingly bleak macroeconomic environment.
“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 percent people can be impacted,” the company said in a statement. It did not provide further details on its total employee count.
Moglix is an Asia-based E-commerce company intensively inclined towards B2B procurement of industrial supplies, in particular, MRO, Safety, Electricals, Lighting, Cleaning & Housekeeping, Office Stationery & Supplies, Power Tools and many more industry essentials. The unicorn was founded in 2015 by Rahul Garg.
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