Highlight:
• Yojak laid off more than 60 full-time employees
• Capital Management and Shaadi.com’s founder also laid off 75-80 contract workers
According to a source close to the company, Yojak, a business-to-business (B2B) e-commerce platform backed by Info Edge Ventures, has laid off more than 60 full-time employees in the last two months as the company scaled down its India operations.
Overview
According to the source, Yojak, which is backed by KAE Capital Management and Shaadi.com’s founder Anupam Mittal, has laid off around 75-80 contractual workers.
Yojak has laid off 140 employees due to a funding crunch, and the Info Edge-backed company is considering shutting down its India operations, according to the report.
Yojak, a platform for small retail stores that connects them with manufacturers, was founded in 2019 by IIT Roorkee graduates Anuj Jain and Rachit Garg. Non-standard and unbranded products are the focus of the B2B market. In 2020, it will be available in both developed and emerging international markets. The European Union, America, and the Middle East are the company’s main markets.
In August of last year, the company raised $3.8 million from Info Edge Ventures, with participation from KAE Capital and angel investor Arun Venkatachallam.
Yojak is the latest in a long line of tech companies to lay off hundreds of employees due to a lack of funding. Yojak’s co-founder Rachit Garg, on the other hand, is quoted as saying that the company’s layoffs are unrelated to a funding crunch and that the company is well-capitalized.
