DealShare, the e-commerce platform supported by Tiger Global, will be completely shutting down its business-to-business (B2B) division in the coming months due to its inability to achieve the expected outcomes. The move will render about 130 employees jobless, affecting 10 per cent of its total workforce, primarily from the B2B segment.
The company has reportedly already initiated the process of reducing its B2B operations. Additionally, the current round of layoffs is part of its cost-saving measures and an effort to streamline its operations. All the departing employees will receive financial support and DealShare will use its professional networks to facilitate a smooth transition for them.
The company will now concentrate on its B2C business to remain relevant in the market for its consumers. The company’s objective includes swiftly organising its teams for execution, prioritising key tasks and taking proactive steps.
DealShare is also going to withdraw from certain markets and shift its headquarters from Bengaluru to Delhi NCR, which may lead to some more reduction in headcount. The company had already reduced its workforce by 100 employees during the business reorganisation in January. Currently, its strength is about 1,100 employees.
As an e-commerce platform, DealShare was known for its focus on providing consumers with affordable and discounted products. Even though the B2B division was smaller in scale compared to the B2C unit, it still contributed to approximately 20 to 25 per cent of the company’s total revenue. The company managed to post a revenue of about Rs 1,930 crore in FY2022, which was eight times more than the previous year.
