New Delhi: Homegrown social commerce platform Misho on Friday said it has laid off 251 employees, 15 per cent of the workforce, to “achieve sustainable profitability”.
In a statement, the company said it had “taken a difficult decision to part with 251 misfits, comprising 15 percent of the employee base, as we want to work with a weak organizational structure to achieve sustainable profitability”.
The company said it is committed to ensuring that those affected have “our full support” and will offer a severance package that includes a one-time severance payment of 2.5 to 9 months (depending on tenure and position), continued insurance benefits, job placement support and ESOPs. its accelerated vesting”.
“We are grateful for their contribution in building Meesho,” said a company spokesperson.
Misho closed its grocery business called Superstores in more than 90 percent of India’s cities last year, leading to several job losses.
According to reports, around 300 workers lost their jobs after Mesho Superstore closed down.
Meesho has rebranded Farmiso as a superstore, aiming to highlight its continued focus on catering to consumer needs for daily essentials in the Tier 2 market and beyond.
Misho Superstores were operational in Karnataka, Telangana, Andhra Pradesh, Gujarat, Madhya Pradesh and Maharashtra.
The company launched a pilot in Karnataka to make online grocery shopping affordable.
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