UpScalio lays off 15% employees
- ByStartupStory | January 5, 2023
UpScalio, an e-commerce roll-up company, is the most recent startup to give its staff pink slips. An executive from the corporation stated that 15% of the workers had been let go. The UpScalio layoffs were originally reported on by the online media site Entrackr.
Ankur Singh, Head of People and Culture at UpScalio, in response to queries sent by YourStory said, “As always, we take a high bar on performance at UpScalio. Additionally, while UpScalio has been able to grow aggressively, we always keep a keen eye on profitability. As part of our standard annual employee appraisal process, in December, we have let go of 15% of our staff.”
The company currently employs 230 people across all departments, however it made no mention of the precise number of layoffs. In India’s technology sector in 2022, between 24,000 and 25,000 jobs were lost, according to data from Xpheno. The industries with the most layoffs were fintech, edtech, consumer services, ecommerce, and healthtech.
Upscalio, which was founded in April 2021, most recently received $15 million in a debt and equity mix from Gulf Islamic Investments in March 2022. In August 2021, a worldwide hedge fund called Presight Capital led a Series A Investment round in which the company had already raised $42.5 million.
13 companies make up UpScalio’s brand portfolio, which also includes a private label named Archer Tech Labs for electronic accessories aimed towards gamers. The high-growth, online-first utility brands are acquired by the ecommerce roll-up firm, which also assists them in growing their operations. Nitin Agarwal, co-founder and chief growth officer of UpScalio, stated in an interview from September 2022 that he was in advanced conversations to fund $30 million to $50 million in the next six months. Numerous businesses have delayed their fundraising goals due to the current financing winter. Mensa Brands and GlobalBees, two ecommerce roll-up competitors with valuations above $1 billion, compete against UpScalio.
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