hr.economictimes.indiatimes.com | www.ETHRWorld.com
Coffee shop chain Third Wave Coffee has laid off at least 10% of its employees across various verticals, underscoring the growing pressure on Indian startups to achieve profitability.
Third Wave confirmed the layoffs to ET, saying that it was a “one-time restructuring exercise to consolidate our teams, impacting less than 10% of the organisation.”
“As an organisation we are in a strong position post the recent fund raise,” the company said in a statement. It didn’t disclose the number of workers who have been laid off.
Media reports suggested that Third Wave Coffee has fired more than 100 people. The layoffs were first reported by news website MoneyControl.
The September fundraise also saw participation from existing investors including WestBridge Capital and Udaan cofounder Sujeet Kumar. The fundraise likely valued the firm at around $150 million, people aware of the matter told ET at the time.
Third Wave is among several Indian startups who have laid off workers shortly after raising funds this year.
In October, business-to-business (B2B) vendor-digitisation platform Bizongo fired about 50 employees, or about 15% of its workforce, during a town hall meeting…
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