Livspace, a Singapore-based omni-channel home interior and renovation platform, has recently laid off a small percentage of its workforce in an effort to control expenses and achieve profitability. This move comes as Livspace, like many other startups, faces a stricter allocation of investor capital. The layoffs have reportedly affected less than 2 percent of Livspace’s overall workforce, which amounts to over 5,000 employees. The majority of the company’s workforce is based in India, where the company has its headquarters.
The affected employees have been given an assistance package, extended medical insurance, and outplacement services wherever possible to help ease the transition.
Livspace has stated that it will redeploy resources in the normal course of its operations, which it sees as a reflection of normal adjustments and/or performance management parameters. The layoffs affected Livspace’s product, engineering, content, and marketing teams, according to a report by Inc42.
This is not the first time that Livspace has had to lay off employees. The company previously laid off 450 employees during the first wave of the COVID pandemic. However, Livspace’s business has more than doubled over the past year, which has given the company hope that it will be able to turn a profit in the coming year. The company is optimistic about its future, as it has operations across India, Malaysia, and Saudi Arabia and is expanding its reach in the home renovation and interior design markets.
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