Livspace, headquartered in Bengaluru, is a well-known e-commerce marketplace that brings home design and furnishing services to consumers’ doorsteps. Since its inception in 2012, Livspace has been revolutionizing the home interior and renovation industry with its innovative and affordable solutions.
With a massive funding of $431 million under Series F led by Swedish retailer IKEA Group and Goldman Sachs, Livspace was continuing to dominate its industry. However, the recent news of laying off 100 employees has left the entire tech community perplexed.
The announcement of layoffs came on 17th March 2023 when Livspace’s board of directors reviewed the organization’s overall performance. The company reported that its sales have been far below the projected targets. Hence, it was necessary to restructure the organization to ensure future growth.
Laid off workers accounted for 2% of the Livspace workforce, mainly comprising engineers and designers across India, Singapore and Malaysia. Their efforts boosted the company’s growth over the years, but with the pandemic and other limitations, their services could no longer be sustained.
When questioned about the layoffs, the company’s spokesperson stated that “Regardless of the significant steps we have taken to optimize our business, our current picture demands that we take some difficult decisions. We are intensely dedicated to cleaning up our expenses as it will pave the way for a more productive future.”
Livspace had grown significantly in the last few years with the acquisition of home decor marketplace DezignUp, adding more than 1,000+ retailers to the Livspace family. The company’s innovative ideas have been making remodeling and the overall designing process much easier and hassle-free.
In conclusion, Livspace’s recent layoffs are by no means a reflection of its impact in the industry so far, given the difficult times we are in. They are instead a step towards streamlining the company to make it more efficient and productive going forward. Livspace remains one of the leading companies in home design and furnishing services, and with the company’s knack for innovation, we expect it to continue its impressive journey.