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LivSpace home decor brand announces massive job cuts

LivSpace home decor brand announces massive job cuts

Livspace has become the latest startup to lay off employees as part of a cost-cutting exercise amid the ongoing funding winter. The Singapore-headquartered startup informed the impacted employees about job cuts through emails sent on Thursday (March 17), sources told Inc42.

The sources said the layoffs are part of a cost-cutting exercise as the startup is looking at ways to extend its runway.

According to the company, the layoffs have impacted 2% of the total workforce. The number of impacted employees due to layoffs stands at over 100. Product, engineering, content, and marketing teams were the most impacted by the layoffs, a source added. 

“The business has more than doubled over the past year and we aim to turn profitable in the coming year. We have a strong balance sheet, are backed by marquee investors and are well-positioned to deliver long-term sustainable growth for the company. Our focus continues to be on the most efficient deployment of capital and resources to maximize value for our shareholders, customers, partners and employees,” the company said in a statement.

“In a company of our size, we will, in the normal course of our operations, redeploy resources. This is organic and a reflection of normal adjustments and/or performance management parameters,” it added.

“We were told that the company will not offer any kind of severance package and will only pay for 15 days that we have worked in this month,” one of the sources said. However the company said that it has offered assistance package and medical insurance to the impacted employees.

“We are taking all the necessary steps to ensure we provide employees with a smooth transition in the form of an assistance package, extended medical insurance and necessary outplacement services wherever possible within our network,” it said in a statement.

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