SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 12 Feb, 2024  

Layoff.9.thmb.jpg Fashiontech startup Blissclub lays off nearly 18% workforce to cut costs: Report

   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
IANS | 12 Feb, 2024
Direct-to-consumer (D2C) startup Blissclub has laid off nearly 21 employees, or 18 per cent of its workforce, to cut costs.

However, the number of impacted employees at the fashion apparel startup could be as high as 30, according to leading startup news portal Inc42.

"The primary reason behind the layoffs was the startup's inability to raise fresh capital amid a high cash burn," the report mentioned.

Bengaluru-based startup's Founder and CEO, Minu Margeret, reportedly informed the staff about the decision to lay off 21 employees as part of a restructuring exercise during a town-hall last month.

The startup last raised $15 million in its Series A funding round from Eight Road Ventures and Elevation Capital.

The activewear brand saw its operating revenue increase more than four times to reach Rs 68 crore in FY23.

The startup registered losses of Rs 36 crore, up four times compared to the same period last year as per its regulatory filing.

In FY22, the startup had registered Rs 15 crore in operating revenue, while incurring a loss of Rs 9 crore.

Print the Page
Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter