RetailSG

Moglix Layoffs

January 2023

Moglix announced a layoff affecting 40 employees (2% of its workforce) in January 2023. The company operates in the Retail sector.

People Affected

Percentage

Announced Date

Jan 5, 2023

About

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.