Yojak, an Indian based business 2 business company just announced that they have taken the decision to let go of 60 of the company’s employees. This mainly due to the fact that the company has been forced to shrink their business and operations in the country.
Yojak is a B2B platform that acts as a digital market place for companies to purchase their raw materials and their building material assisting in the complex supply chain between various businesses and firms using their top-class logistics, data management and capital flow. The company currently primarily acts as a link between manufacturers and smaller retail operators. The company generally specialises in unknown and unbranded products.
Two years ago, in 2020, the company has expanded and scaled up internationally and their biggest business now takes place in the Middle East, North America, and the European Union.
The company was founded just 3 years ago back in 2019 and its head office is situated in Gurgaon, Haryana. The company was founded by Mr. Anuj Jain. The company has also been funded by big players in the Indian market such as Anupam Mittal who founded Shaadi.com and rose to fame by being one of the ‘Sharks’ on Shark Tank India, a reality TV show for budding entrepreneurs and business enthusiasts.
The company also announced that they decided to let go of around 80 people who were employed on a short-term contractual basis. This was first reported two days ago on the 2nd of June where it said that Yojak has decided to let go of around 140 of their employees. The report also said that the business’ top brass is currently considering ceasing their operations in India and leaving the country to focus on their more lucrative international operations. ‘
It has also been around 10 months since the company secured a funding on $ 3.8 million USD in a round that also included Mr. Anupam Mittal.
Yojak has now joined the band wagon of Indian based tech firms letting go of scores of their employees mainly due to a lack of external funding. But Mr. Rachit Garg, a co-founder of the company came out to say that the sackings are not due to low funds. The company is financed well and there is good cash flow. Start-ups are now closing in on sacking 6,000 employees this year and it is very concerning for the Indian economy.
