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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.

Agritech firm Waycool lays off more than 200 employees

EntrackrEntrackr · 1y ago
Agritech firm Waycool lays off more than 200 employees
Medial

Agriculture supply chain firm Waycool has laid off over 200 employees across departments as the company eyes profitability. This is the third round of layoffs at the Chennai-based company. “Each of WayCool’s businesses is executing their plans to get to profitability. As part of this, roles and structures are further simplified and automated. This will be a continual process,” said a Waycool spokesperson. The company did not comment on the number of employees being fired. The previous two firings took place in July 2023 and February this year in which more than 370 employees were given pink slips. Moneycontrol, which reported the development first, said that the layoffs have impacted employees across Chennai, Bengaluru and Hyderabad, and its two subsidiaries: CensaNext and BrandNext. As per Entrackr sources, Waycool was negotiating a fresh round to the tune of more than $50 million which could have propelled its valuation in the range of $900 million to $1 billion. However, the talks did not go through. The firm was valued at $700 million in its last equity round. Waycool has raised around $160 million in funding to date from Lightrock, International Finance Corporation, FMO, and 57 Stars, among others. Earlier this week, Entrackr had highlighted Waycool’s struggle to scale and failing to raise a new round. While the company is yet to file its annual report for FY24, it registered 62% growth in its operating revenue to Rs 1,251 crore in FY23 from Rs 772 crore in FY22. The firm continued to bleed as its losses surged by 89% to Rs 685 crore in FY23. Founded by Karthik Jayaraman and Sanjay Dasari, Waycool buys fresh produce, including dairy products, from farmers and sells them to retailers and restaurants. It also runs private label brands and handles distribution for FMCG companies. This is the second major layoffs in the agritech space after ReshaMandi which sacked almost 80% of its workforce. Agritech was one of least funded segments during the first half of 2024. As per data compiled by TheKredible, agritech startups raised only $94 million across 22 deals, accounting for only 1.34% of the overall fundraise during H1 2024.

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