Growth forecasts: 1K Kirana to lay off 40 per cent stafftext_fields
New Delhi: Planning to move out of some geographies and restructuring growth forecasts, Kirana tech startup 1K Kirana laid off 40 per cent workforce, IANS reported.
In a statement to IANS, the Info Edge-backed startup said that they are currently in the process of restructuring as the 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 per cent of our employees. All the employees will be given severances and we will assist them with outplacements," said a 1K Kirana spokesperson.
However, a report in Moneycontrol, citing sources, said the layoff number could be as high as 600 employees.
According to the startup, the latest fundraising round is in an advanced stage and it will soon raise money from the market.
Founded in 2018, 1K Kirana is led by Kumar Sangeetesh, Sachin Sharma, and Abhishek Halder.
Currently, the company has a presence in Delhi-NCR, Punjab, Rajasthan, Uttar Pradesh, Haryana, and Uttarakhand.
According to the information available on its LinkedIn page, the startup has 1,052 employees (as of early April).
The startup raised $25 million in a Series B round in May 2022 led by Alpha Wave Global, Info Edge Ventures, and Kae Capital.
1K Kirana has raised $33.5 million in three funding rounds to date.