Cloud Kitchen startup Rebel Foods lays off 2% of its workforce
Rebel Foods, a unicorn in foodtech, has let go of close to 2% of its workers. The startup blamed internal reorganisation and annual performance evaluations for the layoffs.
“Any news that has been reported is a result of the organisation being realigned to our priorities for long-term objectives and the annual performance evaluation. Less than 2% of Rebel Foods‘ organisational strength is affected, according to a company spokeswoman.
According to the startup’s LinkedIn profile, 2,521 people paintings for Rebel Foods. About 50 people will lose their jobs as a result.
The startup’s layoffs had been first of all suggested on through The Economic Times.
The layoffs comply with the foodtech startup’s reporting a huge deficit for the economic yr 2021–2022. (FY22). The startup’s internet loss expanded with the aid of using 55% yr over yr (YoY), from INR 364 Cr to INR 564.four Cr in FY22. Nevertheless, ordinary sales for the term almost doubled to INR 907 Cr from INR 436.five Cr the yr before.
The extrade happens a month after Rebel Foods acquired INR55 Cr. in debt financing from modern-day backers InnoVen Capital and Trifecta Capital.
Rebel Foods, a cloud kitchen platform based in 2011 through Jaydeep Barman and Kallol Banerjee, runs some of famous brands, along with Faasos, Behrouz Biryani, Ovenstory Pizza, Mandarin Oak, and The Good Bowl, amongst others.
Rebel Foods has raised $a hundred seventy five Mn as a part of its Series F round, which turned into co-led through Qatar Investment Authority (QIA), with the assist of prestigious traders along with Goldman Sachs, Sequoia Capital India, and QIA.
In the ultimate week, more and more Indian corporations have introduced layoffs, such as Rebel Foods. 500 employees, or 20% of its workforce, have been allow move through Sharechat’s determine enterprise Mohalla Tech, in keeping with an in advance Inc42 article. Dunzo, a speedy trade startup financed through Reliance, allow move approximately 3% of its workforce ultimate week.
Around 115 personnel of the enterprise generation startup Skit.ai have been permit pass remaining week, whilst eighty personnel of the fintech platform Cashfree Payments have been permit pass as a part of an organisational restructuring exercise. This month, 2 hundred personnel from Ola, a first-rate ride-hailing company, have been permit pass from its product and improvement divisions.
According to Inc42’s layoff tracker, greater than 18,000 personnel have been permit pass through Indian agencies remaining year. While buyers tighten their pocketbook strings, the fashion has maintained in 2023 and macroeconomic pressures are nevertheless increasing.