LocalOye lays off 60 employees.
New Delhi, India | Red Newswire | By PTI | 16 Nov, 2015 10:25 PM IST.
LocalOye, an online platform to book services online, today said it has laid off 60 employees, as part of a restructuring effort.
Post the restructuring, the company will have about 140 employees.
“This (restructuring) is a result of the startup’s growing focus on automating the entire process of hiring service professionals. The full and final settlements to the relieved employees have already been completed”, LocalOye said in a statement.
The relieved employees are mainly from the call servicing unit and merchant acquisition teams. They will receive two months pay and other benefits.
“Over the past few months, we have been hard at work in prioritizing efforts on better monetization and technology adoption from service partners, and this restructuring is another step in that direction”, LocalOye founder and CEO Aditya Rao said.
Set up in 2013, LocalOye currently operates across three cities — Mumbai, Bengaluru and NCR. The startup offers over 90 services across categories like home, education, beauty, health and fitness, event planning and online consultancy. It works with more than 4,200 partners across services and has serviced more than five lakh customers.
The company is backed by investors like Sidharth Rao (founder of Webchutney); Former Network18 CEO Haresh Chawla (investor in Housing.com, Burrp.com, Askme.com, Bookmyshow.com); Sachin Bhatia (MakeMyTrip co-founder); Tiger Global Management and Lightspeed Venture Partners.
Source: ET Bureau.