Aqgromalin, a Sequoia-backed agritech startup specializing in animal husbandry and aquaculture, has laid off 80 full-time employees, representing about 30% of its workforce. The layoffs, which occurred in mid-May 2022, were a result of a failed Series A funding round after a lead investor unexpectedly pulled out due to the economic downturn, causing a co-investor to follow suit. Based in Chennai, the startup is now restructuring its business, shifting focus away from poultry and large animals to concentrate primarily on aquaculture. Additionally, Aqgromalin is actively pursuing merger talks, including discussions with the D2C meat unicorn Licious, to secure a financial lifeline.
