DealShare

DealShare laid off 130 employees on 2023-09-21.

DealShare, a Tiger Global-backed e-commerce unicorn in India, laid off approximately 100 employees in January 2023, representing about 6% of its 1,500-strong workforce. This decision was driven by the need to rationalize expenses amid a challenging funding environment and macroeconomic headwinds. The company's annualized revenue rate had fallen by a third to around $600 million from a peak of $900 million, attributed to reduced consumer discretionary spending. As part of its strategy shift, DealShare is pivoting from a group buying model to a social commerce approach, focusing on existing geographies rather than expansion, and has significantly reduced its monthly cash burn.