Home interiors and renovation platform, Livspace, has laid off 100 employees as part of its cost-cutting measures, which affected 2% of its workforce. Livspace aims to turn profitable in the coming year as its business has more than doubled over the past year. However, it remains committed to investing in new offerings and brands in the direct-to-consumer market in the home interiors and renovation segment. The company has raised around $450 million in capital from top global investors, including KKR, Ingka Group Investments, TPG Growth, Goldman Sachs, Kharis Capital, Venturi Partners, and others. Livspace’s layoffs were made to improve its operational efficiency and ensure its long-term sustainability. The company aims to create multiple home interiors and renovation solutions and D2C offerings, serving homeowners across various segments in its markets across India, Southeast Asia, and the Middle East region.
Livspace Implements Cost-Cutting Measures by Laying Off 100 Employees
Livspace, a home interiors and renovation platform, has recently laid off 100 employees as part of its cost-cutting measures. The layoffs affected 2% of the company’s workforce, impacting its product, engineering, content, and marketing teams. However, the company stated that it will redeploy resources in the normal course of operations, which is a reflection of normal adjustments and/or performance management parameters. Livspace aims to turn profitable in the coming year as its business has more than doubled over the past year.
The Singapore-based company had previously laid off 450 employees during the first wave of the Covid pandemic. However, Livspace remains committed to investing in new offerings and brands in the direct-to-consumer (D2C) market in the home interiors and renovation segment. In October last year, the company earmarked $100 million to invest and incubate new offerings and brands.
Livspace aims to create multiple home interiors and renovation solutions and D2C offerings, serving homeowners across various segments in its markets across India, Southeast Asia, and the Middle East region. The company currently operates in over 45 cities across these regions and has raised around $450 million in capital from top global investors, including KKR, Ingka Group Investments, TPG Growth, Goldman Sachs, Kharis Capital, Venturi Partners, and others.
Livspace’s layoffs were made to improve its operational efficiency and to ensure the company’s long-term sustainability. With Livspace’s continued growth, the company is looking for successful businesses and like-minded entrepreneurs to help it scale even faster across new segments in existing geographies and enter new regional markets.
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