Bikayi, a Sequoia and Y Combinator-backed retail tech startup based in Bengaluru, has laid off more than half of its workforce in recent months. From a peak of 500-600 employees in February 2022, the company reduced its headcount to just 244 by late July, representing a layoff of over 50%. This drastic downsizing follows a severe revenue decline, dropping from approximately INR 1.9 crore in April 2022 to under INR 10 lakh by July, amid fraud allegations, an exodus of sellers, and critical issues with its business model targeting small retailers. Facing operational failures and mounting challenges, Bikayi is now pivoting to focus on enterprise clients, despite a highly competitive landscape.
