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Exclusive: BeepKart lays off more than 100 employees

EntrackrEntrackr · 1y ago
Exclusive: BeepKart lays off more than 100 employees
Medial

BeepKart, a Bengaluru-based full stack retailer of used two-wheelers, has laid off more than 100 employees in the past few months, sources aware of the development told Entrackr. Sources added that the company conducted the layoffs in phases, starting right after the fundraise in April this year. The move has affected more than 20% of the workforce, with employees across various verticals, including marketing, tech, product, and operations, being laid off. “A few senior roles were also impacted. The layoffs, however, came as a surprise as it happened right after the funding. The company likely made the move to focus on profitability,” a source, who did not want to disclose their identity, told Entrackr. BeepKart declined to comment on the layoffs. Founded in 2020 by Hemir Doshi and Abhishek Saraf, BeepKart helps people buy and sell used two-wheelers. The company currently operates in Bengaluru and Chennai. As per startup data intelligence platform TheKredible, the company has secured around $18.5 million to date and is currently valued at around Rs 362 crore $44 million (post-allotment of new shares). In April, BeepKart raised $6.5 million in an extended Series A round. Entrackr exclusively reported the development. The company counts Stellaris Venture Partners, Vertex Ventures, Innoven Capital, and Chiratae Ventures, among others as its backers. BeepKart directly competes with CredR and Bike Bazaar. BeepKart was a pre-revenue stage firm till FY22 but it posted decent growth during FY23. The company reported Rs 21.86 crore revenue in the fiscal year ending March 2023 while its losses stood at Rs 27.88 crore in the same period. The firm is yet to file its annual report for FY24. Layoffs right after a fundraise is rare though they do happen. Last year, e-commerce-focused packaging company Bizongo laid off employees shortly after announcing a $50 million funding round. Similarly, Coffee chain firm Third Wave Coffee fired more than 100 employees months after raising $35 million in a Series C round whereas Euler Motors trimmed 10% of its workforce within six months of a $60 million round.

Unacademy announces Rs 50 Cr ESOP buyback

EntrackrEntrackr · 17d ago
Unacademy announces Rs 50 Cr ESOP buyback
Medial

Edtech company Unacademy has initiated a Rs 50 crore ESOP buyback programme to offer liquidity to its employees, according to the company’s co-founder, Gaurav Munjal. Announcing the development on X, Munjal said that eight employees are expected to make over Rs 1 crore each through the buyback, while 17 employees will receive more than Rs 50 lakh, and 38 employees are likely to earn over Rs 10 lakh. “Grateful to the board for carving out a cash pool for the employees, even though the valuation is significantly lower than our last fundraise,” Munjal said, adding that the company will reach out to eligible employees over the next few weeks to participate in the programme. Munjal had recently clarified the company’s stance on ESOP exercise terms and valuation. Unacademy introduced a one-time 30-day window for former employees to exercise their vested stock options, while cautioning that the current valuation is lower than previous funding rounds and that preference shareholders have priority over equity holders. Unacademy is undergoing a strategic reset as the edtech sector faces headwinds after the post-pandemic boom. Recently, the company announced plans to shift from company-run offline learning centres to a franchise-based model to cut costs and improve unit economics. The company has also explored consolidation opportunities. However, recent talks between Unacademy and upGrad over a potential acquisition were called off after the two sides failed to agree on valuation terms.

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