Dukaan is a retail company headquartered in Bengaluru, India. The company was founded by Suumit Shah, who is also the CEO of the company. Dukaan started its operations in the year 2018, with a vision to help small business owners and traders set up their online stores and sell their products online. Dukaan has received funding from several investors, and in this blog, we will be discussing the company’s history, funding, layoffs, and the reason behind them.
Dukaan was founded in 2018 by Suumit Shah, who is a serial entrepreneur and has been associated with several successful startups. The company’s mission is to help small business owners and traders set up their online stores and sell their products online. Dukaan offers a user-friendly platform that allows small business owners to create their online store in just a few minutes. The platform is also available in regional languages to cater to a larger audience.
Funding and Investors
Dukaan has received funding from several investors, including Matrix Partners, Lightspeed India, and Saama Capital. The total funding raised by the company is $17M. The latest funding round was Series A, which was led by Matrix Partners and Lightspeed India.
Reasons for Layoffs
On 7th November 2023, Dukaan announced that they would be laying off 90 employees from their customer service department. The news was first reported by The Times of India. The layoffs were defended by Suumit Shah, who said that the company was restructuring its operations to become more efficient and to focus on the core business.
The primary reason behind the layoffs was to streamline the company’s operations and reduce its costs. Dukaan has been facing tough competition from other e-commerce platforms and has been struggling to increase its market share. The layoffs were a part of the company’s cost-cutting measures to stay competitive in the market.
Number of Employees Laid Off
Dukaan laid off 90 employees from its customer service department. The layoff represented 10% of the company’s total workforce.
Statement from Company Stakeholders
Suumit Shah, CEO of Dukaan, defended the layoffs on Twitter, saying that the company was restructuring its operations to become more efficient and to focus on the core business. He also stated that the company would be providing assistance to the affected employees by helping them find alternative employment opportunities.
In conclusion, Dukaan’s layoffs were a part of the company’s cost-cutting measures to stay competitive in the market. The layoffs were defended by the company’s CEO, who cited the need for restructuring to streamline the operations and focus on the core business. The company has received funding from several investors and has been providing a user-friendly platform to small business owners and traders to set up their online stores. It remains to be seen how the company will perform in the future and what impact these layoffs will have on its growth.