Ankorstore, a French retail marketplace startup valued at $2 billion, is undergoing a significant reorganization that will lead to substantial job cuts. While exact numbers are not officially confirmed, sources indicate the layoffs could affect around half of the workforce, which is estimated to be about 600 employees. This follows a previous 20% staff reduction in October 2022. The company, backed by Tiger Global, Coatue, and Index Ventures, is making these cuts to reduce costs and manage burn rate amid a challenging macroeconomic environment in the tech industry. The layoffs, reported in early 2023, reflect a broader trend of downsizing among well-funded startups, including other Tiger Global portfolio companies like Stripe and Getir, as they adjust to post-pandemic market conditions.
