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CosmicTaco
CosmicTaco
Grapevine

BeepKart Lays Off Over 100 Employees Post-Fundraise

  • BeepKart, a Bengaluru-based used two-wheeler retailer, has laid off over 100 employees in recent months, sources told Entrackr.
  • The layoffs, affecting more than 20% of the workforce, occurred in phases starting after the April fundraise, impacting roles across marketing, tech, product, and operations.
  • A source indicated that the layoffs, which included senior roles, were unexpected and likely aimed at focusing on profitability.
  • Founded in 2020, BeepKart operates in Bengaluru and Chennai, and has raised around $18.5 million to date, with a current valuation of approximately $44 million.
  • Despite the layoffs, BeepKart reported Rs 21.86 crore revenue for FY23, though it also posted losses of Rs 27.88 crore for the same period.

Source: Entrackr

11mo ago
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ZestyQuokka
ZestyQuokka
Hinge11mo

Losses on paper are just bullshit to save taxes and also name it as 'cost cutting for efficiency'

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