WayCool layoffs: Startup fires 200 employees in 3rd round of layoffs in 1 year
WayCool layoffs: The company previously laid off over 300 employees in July last year followed by termination of 70 staff members in February this year.
WayCool Foods- Chennai-based agriculture supply chain startup- has laid off over 200 employees across departments, Moneycontrol reported citing people in the know. This marks the third round of layoffs within last 12 months as the company continues to streamline operations to cut down losses after a funding crisis. The startup previously laid off over 300 employees in July last year followed by termination of 70 staff members in February this year.
WayCool layoffs: Layoffs have affected employees across Chennai, Bengaluru and Hyderabad, and its subsidiaries CensaNext and BrandNext. (Freepik)
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Layoffs this time have affected employees across Chennai, Bengaluru and Hyderabad, and its subsidiaries CensaNext and BrandNext, the report claimed, adding that the financial difficulties of the company have worsened. The outlet quoted a source as saying, “Salaries have been delayed in the past, and the company is yet to process the June payslip. Funding has dried up, and the payments from clients are stuck."
Unpaid dues to vendors, including millers, logistics partners, and service providers like SGSs, have also worsened the situation, the source said, adding, “Vendor payments were made in rotation over the past three months, but this has completely stopped since June as collections from clients has been delayed."
WayCool acknowledged the layoffs and said, “Each of WayCool's businesses is executing their plans to get to profitability. As part of this, roles and structures are further simplified and automated. This will be a continual process."
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WayCool acknowledged the layoffs and said, “Each of WayCool's businesses is executing their plans to get to profitability. As part of this, roles and structures are further simplified and automated. This will be a continual process."
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Home/Business/WayCool layoffs: Startup fires 200 employees in 3rd round of layoffs in 1 year
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