Oda

Oda, a SoftBank-backed online grocery delivery startup based in Norway, has laid off 150 employees as it refocuses its operations solely on Norway and Sweden. This strategic retreat, announced in June 2024, comes after the company merged with Swedish retailer Mathem last year and follows its exit from markets like Finland and Germany. Facing the industry-wide challenge of achieving profitability in online grocery—a sector with complex logistics and tight margins—Oda aims to become profitable in its two remaining markets by 2025. The layoffs are part of a broader reset under new CEO Chris Poad, who joined in April, as the company scales back its once-ambitious European expansion plans that were fueled by hundreds of millions in funding and a pandemic-era boom.

Norwegian online grocery retailer Oda is laying off 70 employees, representing 18% of its approximately 400-person "group services" division, which handles expansion and long-term projects. The cuts, announced in November 2022, are part of a strategic shift toward faster profitability in response to a changed capital market environment. Founder Karl Munthe-Kaas cited the war in Ukraine, rising interest rates, and a downturn in the tech and e-commerce sectors as key reasons. The company, which operates in Norway and Finland, is scaling back its growth pace, including a slower rollout in Germany, while securing new funding at a lower valuation.