US-based video platform Vimeo has laid off 11% of its employees, while Indian e-commerce investor UpScalio cut 15% of its workforce. Separately, Moglix has slashed 3% of its staff.
Vimeo fires 11% employees
Vimeo to lay off 11% of its employees, citing uncertain economic conditions, according The Economic Times reported. The company had already slashed 6% of its workforce in July and cut non-essential costs last quarter, it said.
Founded in 2004, Vimeo is a video platform which lets users make, manage, and share videos and virtual events.
UpScalio slashes 15% workforce
UpScalio has cut 15% of its workforce as part of its annual employee appraisal process, reported Tech in Asia.
The startup acquires e-commerce businesses that sell on Amazon, Flipkart, and other marketplaces, and their own websites. The company is backed by global hedge funds and VCs such as Gulf Islmic investments.
Founded in 2021, the Thrasio-style venture company has built a team of over 50 specialists across functions with experience in scaling e-commerce companies in India.
Moglix lays off 3% staff
Moglix, the Asia-focused B2B e-commerce platform for manufacturing goods, laid off 3% of its workforce to cut costs, according to VCCircle. The company also cited automation and weeding-out low performers for the layoffs. The cut could be higher to about 15%, reported VCCircle.
Founded in 2015, Moglix provides digital procurement and supply-chain solutions across industries through its e-commerce platform. The startup caters to both large players and small and medium enterprises (SMEs) in the manufacturing industry.