B2B fashion startup Fashinza has laid off half of its workforce amid significant struggles to find a sustainable business model. The company, which operates in the fashion and manufacturing industry, has seen its gross merchandise value decline from $50 million to $40 million and stagnate over the past 18 months. This downsizing, part of broader organizational restructuring, comes as Fashinza has cycled through three different business models in just three years and faced a series of high-level executive departures. The layoffs, reported in early 2024, were implemented to reduce cash burn, which has been lowered from a peak of about Rs 8-9 crore monthly to around Rs 2.5 crore.
