New Delhi. Used car retail platform Spinny has laid off around 300 employees as part of a cost-cutting exercise. It has merged Truebill and Spinny Max into the main platform, due to which the employees of these two units have been hit the hardest by layoffs.
Intracker quoted sources as saying that about 300 employees will be affected by the job cuts, which is about 4.5 percent of the total workforce of 6000 employees.
According to the company, the goal going forward is to provide cleaner and more focused execution and offer customers everything on a single platform. This is the reason why layoffs are taking place.
The company said in a statement, “We have seen a sharp increase in demand for reliable, budget-friendly cars as most people have resumed work from the office. By dividing our inventory of cars across different brand platforms, we have never “We were once unable to provide adequate choice to such customers. With this integration, we will be able to better serve the needs of these customers.”
The report said that the retrenched employees will be given three months’ salary. Apart from this, the company has also talked about accelerating ESOP vesting for the affected employees.
Some employees also spoke on LinkedIn about the layoffs.
“I would like to announce that I have been fired from Spinny… As bitter as it may be, life goes on…” one LinkedIn user posted on Wednesday.
Spinny announced plans to raise $283 million in funding from new and existing investors in 2021, taking its valuation to $1.8 billion and becoming another unicorn that year.
This is the company’s first layoff, while competitors like CarDekho and Cars24 have already laid off hundreds of employees over the past few years.
Cars24 laid off 600 employees last year and CarDekho is laying off several employees in 2022.(IANS)
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