ETtech“We had to let go of 87 beloved members of the Cameo Fameo,” CEO Steven Galanis said in a LinkedIn post.
The layoffs were first
reported by The Information.
“I’m heartbroken to see so many friends and trusted colleagues depart this week,” he added.
“The decision to reduce our headcount was a painful but necessary course correction” to “balance our costs with our cash reserves,” CEO and co-founder Steven Galanis said in a statement to The Information.
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The company told employees about the plans on Wednesday during an all-hands meeting, according to the report.
In India, too, startups are shedding jobs since the beginning of the year as markets tighten for funding after a record-breaking 2021.
ETtech
reported in a detailed story on April 28 that more than 1,800 contractual and full-time employees have been fired from ed-tech firm
Unacademy, social commerce startups
Meesho and
Trell, online learning platform Lido Learning and
furniture rental startup Furlenco. Some of these companies may look to cut more jobs, people in the know said. Investors have begun to ask high-growth companies to go back to basics — chase profits and reduce their cash burn, we reported.
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