SirionLabs, a Tiger Global and Sequoia-backed contract management SaaS startup, laid off approximately 130 employees, or about 15% of its workforce of over 900, in mid-January. The job cuts, announced by CEO Ajay Agrawal on January 17, impacted teams globally, including DevOps, analysts, and support. This restructuring, aimed at achieving profitability amid a challenging macroeconomic environment, came just days after the company raised $25 million in an extended Series D funding round, bringing its total Series D to $110 million. The Washington-headquartered startup, which has raised about $170 million to date, offered a two-month severance package to affected employees.
