The Mumbai-based startup recently raised US$7.7 million from existing investors
The downsizing comes as part of the startup’s restructuring to reduce expenses, Co-founder and CEO Harshvardhan Mandad told The Economic Times.
The news comes close on the heels of the company raising US$7.7 million to sustain its operations for another year.
In September, TinyOwl gave 200 employees — most of whom were on its sales and delivery teams — pink slips.
“It was a tough decision. Going forward, our operations will have to be more tech-oriented because margins are thin in the food business as compared to other online marketplaces,” said Mandad.
The latest staff cuts will primarily be in the sales teams in Delhi, Hyderabad, Chennai and Pune.
With these layoffs, the Mumbai-based company sees its total employee count to drop to around 650 from around 1,000 earlier this year.
Founded in 2014 by a group of IIT graduates, the startup has now fully outsourced its last-mile delivery to its partners — including Roadrunnr, Opinio and Shadowfax to cut costs.
According to the news report, TinyOwl is also piloting a new operational structure in Mumbai and Bengaluru, that will make the processing and delivery of orders more “automated.”
TinyOwl — which competes with the likes of foodpanda, Just Eat, Swiggy and Zomato — secured over US$16 million in its Series B round of funding from Matrix Partners, with participation from Sequoia and Nexus Venture Partners, early this year.
Prior to that, it received US$3 million in Series A funding, co-led by Sequoia and Nexus, in December last year.
The post Food ordering portal TinyOwl to lay off over 100 more employees appeared first on e27.
from e27 http://ift.tt/1RNjBN1