Indiabulls’ Yaari Digital Integrated Services, which launched social commerce platform Yaari nearly a year ago, has laid off around 60% or 150 employees in the past one month.
Yaari operates in the real estate and housing finance space, and is likely to close soon or merge with another Indiabulls entity, Dhani.com, according to news website Inc42.
The total number of employees of the company was around 250 to 300 employees, in the last week of April, the company asked its employees to put down their papers to receive the salary for the month of April.
According to sources, staff from the supply support, customer support, business development and marketing teams are among those who were asked to resign.
Yaari has offices in three locations- Delhi, Mumbai and Bengaluru and most of the affected employees work from the Bengaluru office.
Yaari was launched last year and its app is a social commerce marketplace offering a range of curated consumer products.
The platform enabled small businesses and individuals to start their business online through WhatsApp, Facebook and Instagram and other social media channels.
It follows a growing list of startups that have resorted to layoffs amid high global inflation and rising interest rates across the globe, along with other macro-economic factors such as the war in Europe. Many of these startups are facing increasing liquidity challenge as well as maintaining financial runway between funding. Recently several startups including MPL, FrontRow, Unacademy, Cars24, Vedantu, BYJU’S and mfine, have resorted to layoffs.
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