Lunchbox, a New York-based food-tech startup, laid off 60 employees on July 21, 2022, representing 33% of its workforce and reducing staff from 180 to 120. The company, which had raised $72 million in under three years, cited overexpansion and pressure from investors to streamline operations amid capital market challenges. CEO Nabeel Alamgir admitted the company had grown "bloated" and was shifting from a "growth at all costs" mindset to focus on becoming cash-positive. The layoffs affected all divisions, particularly engineering and tech roles, as the food-tech industry sees broader downsizing among well-funded startups.
