India’s kiranatech company 1K Kirana has laid off 40% of employees across departments, multiple sources familiar with the matter told DealStreetAsia.
“We are currently in the process of restructuring as our growth forecasts have changed. We are changing our focus areas and moving out of a few geographies. Due to this, we have to let go of 40% of our employees,” its founder Kumar Sangeetesh told DealStreetAsia.
“All the employees will be given severances, and we will assist them with outplacements,” Sangeetesh added.
According to the company’s LinkedIn page, it has over 1,000 employees.
Less than a year ago, the company had raised $25 million in its Series B round led by Alpha Wave Ventures.
Info Edge Ventures, Kae Capital, and entrepreneurs such as the founders of Zetwerk and GoMechanic also participated in the round.
1K Kirana Bazaar is a consumer-focused retail brand that organises the non-urban retail ecosystem by aggregating kiranas and helping them meet consumer aspirations.