Technology

TinyOwl to Let go 112 people

TinyOwl to Let go 112 people

In its latest round of restructuring strategy TinyOwl has decided to lay off another 112 employees—in September, it had laid off about 200 employees—cofounder and chief executive Harshvardhan Mandad told ET.

The pink slip will be handed primarily to sales teams in Delhi, Hyderabad, Chennai and Pune. With this the total number of employees will drop from around 1,000 earlier this year to around 650.

Lately, the market has seen food start-ups either shown down its shutters like Bangalore-based startup Dazo or online restaurant SpoonJoy which rolled back its operations in the city and shut its Delhi operations, or Foodpanda which is also witnessing challenges in terms of building sustainable businesses.

“It was a tough decision,” said Mandad. “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.”

The company said it is also piloting a new operational structure in Mumbai and Bengaluru, where it is making processing of orders and delivery more “automated.”

The company in Feburary raised Rs 100 crore in a funding round led by Matrix Partners, with Sequoia Capital and Nexus Venture Partners participating.

Matrix Partners India and Sequoia Capital recently pumped in Rs 50 crore in TinyOwl.

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