iPrice Group, the Southeast Asian e-commerce aggregator platform, announced that it has laid off 20% of its staff as part of several measures to focus on its core mission “to help people save money” shopping online.
The move comes three months after the company announced a $5-million investment from Japanese conglomerates Itochu Corporation and KDDI Corporation in March.
In the retrenchment process, iPrice will follow all contractual and legal requirements and is actively helping the laid-off employees find new opportunities, the company said.
“While we proved these new services all resonated with online shoppers, they each required further investment with a longer-term payback. In today’s uncertain economic environment, it’s important to be hyper-focused on the company’s core product,” said iPrice Group co-founder David Chmelař.
Meanwhile, iPrice Group CEO Paul Brown-Kenyon said with these changes, the company is in a stronger position to deliver on the core mission to help people save money.
Over the years, iPrice expanded the business from its website to offer a full-suite, white-label marketplace solution for super-apps, including BNPL providers.
iPrice recently launched a Price Watch service, which allows users in Indonesia to receive alerts about price drops in their desired products directly on the iPrice App.
The year 2022 has been tough for tech companies around the world. With founders becoming more cautious amid global headwinds and their mega valuations being questioned over the past few weeks, the companies are now being forced to pull their purse strings and undertake drastic cost-cutting measures to keep their bottom lines intact.
DealStreetAsia reported in May that at least four tech firms – LinkAja, Zenius, JD.Id and Pahamify – have let go a significant number of their staff due to unfavourable global economic conditions.