Layoffs in the Indian ecommerce sector in 2016

Since 2015, the ecommerce sector has been in a bad shape with several companies shutting down or laying off employees. Here are the top five layoffs this year.

In October 2015, Zomato laid off about 439 employees in the US, followed by Foodpanda firing more than 418 employees in December. What followed could only be called a catastrophe for the industry as 2016 saw more layoffs and less hiring. Here are five ecommerce layoffs you should know about.

Getit shut down Askme.com and fired 4,000 people

In July 2016, Astro Holdings which owned 97 percent of stake in AskMe Group, exited the company after a long-drawn battle with minority shareholders. On August 19, Askme.com, a company under Getit Infoservices shut shop resulting in a major layoff of all 4,000 of its employees.

Ola shuts down TFS and fired 700

18 months ago, Ola bought Taxi For Sure in order to consolidate its position of top cab aggregator in India. On August 17, it shut down its ex-rival and in the process, 90 percent of Taxi For Sure’s employees are reportedly being laid off.

Flipkart laid off 1,000 employees

Merely days after acquiring Jabong, eliminating almost all competition in the market, ecommerce giant Flipkart laid off almost 1,000 people. In July, 700-1,000 employees – more than 2 percent of its workforce – were asked to either leave or take severance pay on accounts of underperformance.

CarDekho sacks 60 employees

Owned by Girnar Software, auto classified gateway, CarDekho fired 60 employees in April. The layoff was undertaken in a move to streamline management and resources, explained Amit Jain, CEO of Girnar Software.

CommonFloor laid off 100

Two months after being acquired by Quikr, real estate website 100 employees of CommonFloor were laid off in March. A Quikr spokesperson was quoted explaining this move as “part of the overall integration exercise” to consolidate the company’s assets with respect to its business needs.

Copyright © 2016 IDG Communications, Inc.

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