Layoffs in Singapore

Singapore-based e-commerce platform Carousell announced on December 6, 2024, that it is laying off 76 employees, which represents 7% of its total workforce. The company stated this strategic reorganization was a proactive move to adjust its business units to current market realities and reallocate resources to more promising areas, aiming to ensure long-term sustainability and operational efficiency. Approximately 60% of the affected roles are based in Singapore, with the remaining cuts spread across its other regional offices.

Shein laid off 17 employees on 2024-09-30.

Ninja Van representing approximately 5% of its workforce on 2024-07-01.

ShopBack laid off 195 employees representing approximately 24% of its workforce on 2024-03-19.

Tonik, a digital bank based in the Philippines, laid off approximately 100 employees in early 2024, representing around 20% of its workforce at the time. The fintech company, which operates in the competitive digital banking industry, cited a strategic restructuring aimed at achieving long-term sustainability and optimizing operations amid challenging market conditions. This reduction affected teams across various functions as Tonik sought to streamline its organization and focus on core business priorities.

PropertyGuru laid off 79 employees on 2024-02-27.

Daraz on 2024-02-26.

In early January 2024, Lazada Group, a major e-commerce platform in Southeast Asia, conducted sudden and unexpected layoffs affecting its Singapore operations. According to employee accounts, the process was abrupt, with meetings called on short notice, leaving staff shocked and distressed. It is estimated that about 100 employees were impacted by this workforce reduction. The layoffs are understood to be part of a broader restructuring effort within the Alibaba-owned company, aimed at streamlining operations and improving efficiency in a competitive market. The event highlights the ongoing pressures in the tech and e-commerce industry, even for established regional players.

Cake Group, a blockchain technology company, has laid off approximately 50 employees as part of a restructuring effort to achieve financial sustainability. This reduction brings the total team size down to around 120 members, representing a significant cut of nearly 30% of its workforce. The decision, announced by CEO Dr. Julian Hosp, aims to return the company to a break-even financial position without discontinuing any core business verticals. The focus remains on enhancing services like the Bake platform, advancing blockchain research through Birthday Research, and supporting DeFiChainLabs' independence. This move reflects broader challenges within the blockchain and tech industries, where companies are adjusting to market conditions to ensure long-term viability.

Foodpanda, the Singapore-headquartered food delivery service owned by Delivery Hero, has confirmed its latest round of layoffs as part of a broader effort to become "leaner, more efficient, and more agile." This marks the third round of job cuts since February and September of last year, following similar reductions by competitors like Grab and Deliveroo amid ongoing macroeconomic challenges. While the exact number of affected employees and departments was not disclosed, the layoffs coincide with Delivery Hero's preliminary discussions to sell its Foodpanda operations in selected Southeast Asian markets, including Singapore, Cambodia, Malaysia, Myanmar, the Philippines, Thailand, and Laos. The company is streamlining its regional and country team structures to enhance operational focus and consistency.

LingoAce, an online language learning platform specializing in Chinese education for children, conducted a round of layoffs in early 2023, affecting approximately 100 employees. This reduction represented about 10% of its workforce at the time. The cuts were part of a strategic restructuring to streamline operations and improve efficiency amid shifting market dynamics in the edtech industry. The company, which operates globally and had scaled rapidly during the pandemic, cited a need to adapt to post-pandemic demand changes and focus on sustainable growth. The layoffs primarily impacted non-teaching roles across various departments.

Southeast Asian ride-hailing and food delivery app operator Grab laid off over 1,100 employees, about 11% of its staff, as part of cost-cutting measures aimed at achieving profitability. The layoffs were announced this week, with the company citing changes in technology, capital markets, and competition as reasons for the move.

Grab laid off 1,000 employees representing approximately 11% of its workforce on 2023-06-20.

Tiki, a Singapore-headquartered short-form video app popular in India, is shutting down its operations on June 27, 2023, effectively laying off its entire workforce. The company, which had about 35 million monthly active users in its sole market of India, cited the challenging tech industry environment and rapid consolidation in India's short video sector following the ban on TikTok. As a small startup, Tiki failed to sustain its position despite initially capitalizing on the market void. The closure reflects the broader struggles of many ventures that attempted to fill the gap left by banned Chinese apps in the Indian market.

Nansen, a blockchain analytics platform, laid off approximately 30% of its workforce in early 2023, affecting around 30 employees out of a total of roughly 100. The cuts were part of a broader restructuring effort to streamline operations and extend the company's financial runway amid challenging market conditions in the cryptocurrency industry. As a mid-sized startup, Nansen cited the need to adapt to the ongoing crypto winter and focus on core business priorities to ensure long-term sustainability.

Oddle, a Singapore-based food and beverage technology company, laid off approximately 15% of its workforce in June 2023, affecting around 30 employees out of a total of about 200. The decision was part of a strategic restructuring to streamline operations and focus on core business areas amid challenging market conditions in the tech industry. As a mid-sized startup in the F&B SaaS sector, Oddle aimed to enhance efficiency and ensure long-term sustainability through this difficult adjustment.

Indian blue-collar jobs platform GoodWorker, backed by Temasek, has laid off nearly 90% of its staff in a significant restructuring move reported in March 2023. The drastic cuts reflect broader challenges in the tech and employment platform sector, as the company scales down operations amid market pressures. While the exact number of employees affected wasn't specified, the percentage indicates a major reduction for the startup, which operates in India's competitive gig economy and workforce solutions industry.

Endowus, a Singapore-based digital wealth management platform, has conducted a round of layoffs affecting an unspecified number of employees. The company, which operates in the competitive fintech industry, cited a strategic restructuring to enhance operational efficiency and focus on long-term sustainability amid broader market challenges. While exact figures regarding the total workforce and the percentage impacted were not disclosed, the move reflects ongoing adjustments within the tech and financial sectors as firms navigate economic uncertainties. The layoffs were implemented recently as part of the company's efforts to streamline its operations and prioritize core business areas.

Foodpanda, a major food delivery platform in Asia, recently conducted a significant round of layoffs affecting employees across several markets. While the exact number of employees impacted has not been officially disclosed, reports indicate the cuts are part of a broader restructuring effort by its parent company, Delivery Hero, aimed at improving operational efficiency and profitability. The layoffs, which occurred in early 2024, primarily targeted roles in various corporate functions. As a large-scale global player in the competitive food delivery and quick-commerce industry, this move reflects ongoing challenges and consolidation within the sector as companies strive for sustainable growth.

South Asia's leading e-commerce platform Daraz has laid off 11% of its workforce due to extremely difficult market conditions, as announced by CEO Bjarke Mikkelsen. The decision, aimed at preparing the company for current realities and ensuring long-term growth, comes after a period of strong expansion where active shoppers grew from 3 million to over 15 million in five years. However, challenges including the war in Europe, supply chain disruptions, soaring inflation, and reduced government subsidies have forced Daraz to refocus on core business, simplify its organization, and improve profitability. The layoffs are part of a broader effort to adjust to a lower growth outlook and prioritize strategic investments for the future.

In January 2023, Singapore-based crypto services provider Matrixport, co-founded by billionaire Jihan Wu, announced a workforce reduction of 10% as part of its strategy to navigate the ongoing crypto winter. The layoffs, primarily affecting the marketing department, impacted over 29 employees from a total staff of more than 290. The company cited a strategic shift towards serving accredited investors due to significant regulatory changes following industry-wide turmoil, including the FTX collapse. While downsizing in some areas, Matrixport continued hiring in compliance, legal, and product development. The firm, which managed $10 billion in assets and traded $5 billion monthly, aimed to realign its teams with this new focus while supporting affected employees in finding alternative placements.

B2B ecommerce unicorn Moglix has laid off 40 employees, representing about 2-3% of its workforce, following an annual performance review. The company, which operates in the industrial goods marketplace sector and achieved a $2.6 billion valuation in 2022, stated this is part of regular performance management and task automation, while also planning to hire over 300 people in 2023. However, reports suggest the layoffs could have impacted up to 200 employees, or 15% of the workforce, amid broader funding challenges in the Indian startup ecosystem, where over 18,000 jobs were cut in 2022.

Chope, a Singapore-based restaurant reservation platform, laid off approximately 30 employees in early 2023, representing about 15% of its workforce at the time. The company cited a strategic restructuring to streamline operations and focus on core markets amid challenging economic conditions in the food and beverage industry. This move affected teams across various functions as part of efforts to ensure long-term sustainability.

Glints, a talent recruitment and career development platform in the tech industry, conducted a layoff affecting an unspecified number of its employees. The exact scale, percentage, and precise date of the workforce reduction were not detailed in the available report. The company, which operates regionally in Southeast Asia, likely undertook this restructuring to optimize operations amid broader market adjustments.

Bybit, a cryptocurrency exchange, conducted its second round of layoffs in 2022 on December 4th, reducing its workforce by 30% as part of a reorganization to survive the prolonged bear market. The company, which had grown to over 2,000 employees, made this difficult decision to refocus its structure and resources amid the industry slowdown. Affected employees received three months' salary as part of the offboarding process. This move followed an earlier round of layoffs in June, highlighting the ongoing challenges in the crypto sector during the downturn.

Singapore-based online marketplace Carousell laid off 110 employees on December 1, 2022, representing 10% of its total workforce. Approximately 50 of these job cuts were in Singapore, with the remainder spread across its other regional markets. The layoffs, affecting several business units including performance marketing, were driven by the company's need to reduce costs amid dimmed growth prospects and economic challenges like high inflation and geopolitical risks. CEO Quek Siu Rui admitted to over-hiring and overly optimistic investment pacing during post-pandemic expansion. Affected regular employees received a minimum of three months' salary and extended benefits. Carousell operates in the e-commerce and classifieds industry across multiple Southeast Asian countries.

Flash Coffee, a Singapore-headquartered tech-enabled coffee chain backed by Rocket Internet, conducted region-wide layoffs in November 2022, affecting staff in markets including Singapore and Indonesia. The exact number of employees impacted and the percentage of its workforce remain undisclosed, as the company did not comment on the retrenchments. This move occurred amid a weakening economic climate, positioning Flash Coffee among other startups resorting to staff cuts. The chain, known for its vibrant kiosks, had rapidly expanded to over 250 outlets across seven countries within two years, fueled by significant venture capital investment.

Trax, the Israeli-Singaporean retail technology company, laid off 80 employees in November 2022, representing approximately 8% of its workforce of 900 employees and 100 subcontractors. The layoffs affected both its global operations and its Israeli branch, which employed 200 people, at a similar proportion. The company, which develops technology for consumer goods manufacturers and retail chains, did not publicly disclose the specific reasons for this workforce reduction.

Atome, a buy-now-pay-later fintech company, laid off approximately 30 employees in early 2023, affecting around 10% of its workforce. The decision was part of a strategic restructuring to streamline operations and focus on core markets amid broader economic challenges in the fintech industry. The company, which operates across Southeast Asia, aimed to enhance efficiency and sustainability in response to shifting market conditions.

In early September 2022, food delivery giant foodpanda laid off approximately 60 employees in Singapore, representing about 5% of its 1,200-strong local workforce. The layoffs were part of a broader cost-cutting initiative by its German parent company, Delivery Hero, which aimed to achieve profitability (EBITDA-positive status) amid significant financial losses. This move occurred just months after foodpanda established Singapore as its regional headquarters and global tech hub. The company, which holds about 37% of Singapore's food delivery market, described the decision as painful but necessary to remain competitive, while offering support programs to affected staff. Similar job cuts were also reported in other regional markets like the Philippines and Thailand.

In September 2022, Singapore-based tech conglomerate Sea Limited conducted a second round of layoffs, primarily affecting its gaming division, Garena, and its R&D unit, Sea Labs. The cuts included approximately 40 positions from the live-streaming app Booyah! and about a dozen roles in experimental projects like public cloud and blockchain, which were subsequently halted. These measures were part of a broader strategic shift away from aggressive growth and international expansion toward cost-cutting and profitability, driven by increased market competition and economic volatility. As of late 2021, Sea employed around 67,300 people, making it Southeast Asia's largest tech firm. The layoffs followed an initial round in June and included revoked job offers at its Shopee e-commerce platform.

Singaporean cryptocurrency lender Hodlnaut laid off 40 employees, representing 80% of its staff, in a drastic cost-cutting move amid severe financial and legal troubles. The firm, which froze user withdrawals in early August 2022, cited liquidity stabilization needs and losses from the terraUSD stablecoin collapse in May. Concurrently, it is engaged in police proceedings with Singaporean authorities and is seeking court protection from creditors, highlighting the broader crisis affecting crypto lenders like Celsius and Voyager during the market downturn.

Israeli-Singapore retail analytics company Trax is laying off over 100 employees, representing 12% of its workforce, in late June 2022. The layoffs, affecting several dozen employees in Israel, are part of a streamlining effort to accelerate the company's path to profitability ahead of a potential IPO, rather than due to a cash shortage. This decision follows a downturn in the retail food delivery sector and challenging global market conditions that have made future fundraising difficult. Trax, which provides computer vision and robotics technology to retail chains, had raised $640 million in April 2021 at a $2.6 billion valuation and has secured $975 million in total funding to date.

In June 2022, Singapore-based cryptocurrency exchange Bybit announced significant layoffs, cutting 30% of its workforce, which amounted to approximately 600 employees out of a total of 2,000. This move was part of a broader cost-cutting effort amid a severe downturn in the crypto market, characterized by plummeting token prices and industry-wide instability. Bybit cited the need to remove overlapping functions and build smaller, more agile teams to improve efficiency. The company, which had 6 million registered users and had engaged in high-profile marketing like a $150 million Red Bull Racing sponsorship, offered severance packages and career support to affected staff. This layoff followed similar actions by other crypto firms like Coinbase and Crypto.com, reflecting the challenging "crypto winter" of the time.

Stashaway, a Singapore-based digital wealth management platform, laid off 31 employees in June 2023, representing approximately 14% of its workforce at the time. The fintech company cited a strategic restructuring to enhance operational efficiency and focus on core business priorities amid challenging global economic conditions. This reduction affected teams across various functions as part of efforts to streamline operations and ensure long-term sustainability in the competitive financial technology industry.

In May 2022, it was reported that Foodpanda's Romania office underwent significant layoffs following its acquisition by Spanish delivery unicorn Glovo. Approximately 89 employees, representing nearly 40% of the local workforce of 236, were asked to leave, primarily from the call center department. These roles were subsequently outsourced. The layoffs occurred in late January 2022, despite earlier assurances from Glovo representatives that jobs would be secure as they aimed to build a regional team in Bucharest. The food delivery industry consolidation led to this restructuring, highlighting challenges in post-acquisition integration and employee communication within the competitive on-demand services sector.

Sea, the Singapore-based tech giant, conducted a significant round of layoffs affecting hundreds of employees across its e-commerce, gaming, and fintech divisions in early 2024. While exact figures were not officially disclosed, reports indicate the cuts impacted several hundred staff, representing a small percentage of its global workforce of over 30,000. The move is part of a broader effort to streamline operations and achieve sustained profitability amid challenging market conditions in the competitive internet and technology industry.

Pocketmath, a small adtech company with around 21 employees, has ceased operations and effectively laid off its entire workforce after failing to secure a buyer. The shutdown, confirmed in early 2021, followed allegations of unpaid bills and lawsuits from partners like Smaato and Pulsepoint, which claimed hundreds of thousands in owed payments. Operating for about a decade, Pocketmath provided programmatic mobile ad technology and had raised $20 million from investors including Rakuten. The closure highlights the intense competition in the adtech industry, where smaller firms struggle against giants like Google and The Trade Desk, leading to consolidation and financial strain.

In early September, GoBear, a Singapore-based online financial services platform, laid off 22 employees, representing 11% of its workforce. The cuts impacted staff across operations, product, and technology teams in its Singapore, Vietnam, Philippines, and Ukraine offices. Following the restructuring, the company is shifting its focus to growth areas like digital lending and insurance brokerage services.

Singapore-based food ordering startup Eatsy ceased all operations in April 2020, resulting in the layoff of its entire workforce of approximately 20 employees across Singapore and Indonesia. The company, which operated in the food tech and restaurant ordering industry, had struggled financially, reporting only S$66,200 in revenue against a net loss of S$912,700 for the fiscal year ending June 2019. Founder Shaun Heng stated that the team received assistance transitioning to other roles, with Heng himself moving to a position at CoinMarketCap in May. The closure highlights the challenges faced by startups in the competitive online food delivery sector.

Zilingo laid off 100 employees representing approximately 12% of its workforce on 2020-07-09.

Grab, Southeast Asia's leading ride-hailing startup, laid off 360 employees last week, representing about 5% of its workforce. The cuts, affecting multiple departments primarily in Singapore and Indonesia, are part of a strategic shift to sunset non-core projects and refocus resources on its growing delivery business. This move aligns with broader trends in the ride-hailing industry, following similar staff reductions by global peers like Uber and Lyft. The company is providing comprehensive transition support to affected employees, including severance pay, extended health insurance, and outplacement assistance.

Agoda, the Asian hotel booking platform and subsidiary of Booking Holdings, laid off 1,500 employees last week, representing 25% of its workforce across approximately 30 countries. The cuts impacted nearly all departments, with the majority occurring in the Customer Experience Group, alongside product, IT, finance, partner services, marketing, and its Rocketmiles division. Despite signs of recovery in some Asian nations, the company cited the deep and prolonged impact of COVID-19 on the global travel industry as the primary reason. This follows recent layoffs and furloughs at other Booking Holdings brands like Kayak and OpenTable. Agoda has established a talent directory to assist the departing employees, many of whom are based in Southeast Asia.

Israel-based retail analytics company Trax has laid off 120 employees, representing 10% of its 1,200-person global workforce, as announced in early May 2020. The layoffs, affecting 34 workers in Israel and 87 internationally, were a direct response to financial pressures exacerbated by the Covid-19 pandemic. CEO Joel Bar-El described it as a "sad day," explaining that despite significant growth in 2019—including five acquisitions and a doubling of staff—the company is not yet profitable and relies on investor funding. The cuts aim to align expenses with its financial position and burn rate, ensuring the company's stability amid the crisis. Trax, a retail tech firm valued at $1.1 billion, develops image recognition solutions for inventory management and operates in over 50 countries.

Zilingo laid off 44 employees representing approximately 5% of its workforce on 2020-04-17.

Funding Societies, a Singapore-based fintech company specializing in SME financing, laid off approximately 10% of its workforce in early 2023. This reduction, affecting around 30 employees out of a total of roughly 300, was part of a strategic restructuring to enhance operational efficiency amid challenging global economic conditions. The move reflects broader pressures within the fintech industry as companies adjust to a tighter funding environment and focus on sustainable growth.

In April 2020, Southeast Asian budget hotel network RedDoorz laid off a significant portion of its workforce as part of drastic cost-cutting measures to survive the COVID-19 pandemic's severe impact on the travel and hospitality industry. While the exact number of employees affected was not publicly detailed, the layoffs were described as substantial and necessary to extend the company's financial runway. The move was part of a broader trend among regional startups, where investors advised that budget cuts and furloughs were inevitable for survival amid the global crisis.

In March 2020, Singapore-based streaming service HOOQ filed for liquidation, effectively shutting down its operations and resulting in the layoff of its entire workforce. The company, a joint venture between Singtel, Sony Pictures, and Warner Bros, had amassed 80 million users across Southeast Asia and India. Despite raising $95 million, HOOQ struggled to achieve a sustainable business model in the competitive over-the-top (OTT) video streaming industry. It cited escalating content costs, the trend of content providers going direct to consumers, and slow growth in subscriber willingness to pay in emerging markets as key reasons for its failure. The liquidation marked the end of the independent platform, which could not secure further investment or cover its operating costs.