Relevel, the Bengaluru-based HR tech platform, has announced that it will be laying off 40 employees as it shifts its focus to its test product business. The layoffs, which affect around 20% of the company’s workforce, will take effect from 1st October 2023.
Founded in 2018, Relevel is a company that provides a recruitment assessment platform powered by artificial intelligence (AI). The platform enables organizations to assess and select the right candidates for their job openings, using a combination of psychometric testing, coding challenges, and video interviews. Relevel’s technology has been used by well-known companies such as Flipkart, Myntra, and Unacademy.
In terms of funding, Relevel has raised $6 million from investors such as Lightspeed Venture Partners, Venture Highway, and Info Edge. The company has been performing relatively well, having recently expanded its offerings to include a test product business that helps companies assess their employees’ skills.
According to the company, the reason for the layoffs is a strategic decision to shift the company’s focus to its test product business. This decision was made after a careful evaluation of the company’s resources and the market conditions. As a result, the company has decided to let go of around 40 employees.
In a statement, Relevel CEO Srijan Bhatia said, “As we embark on our journey to scale our new test business, we have decided to optimize our resources and focus on the areas that have the highest growth potential. This is a difficult decision, but one that we believe is necessary for the long-term success of the company.”
The layoffs have received mixed reactions from employees and industry insiders, with some expressing concern about the impact on the affected employees and others highlighting the need for companies to remain agile and adapt to changing market conditions.
The move by Relevel is not unique, as many companies around the world have been forced to lay off employees due to the ongoing COVID-19 pandemic, which has caused economic uncertainty and business disruption. However, Relevel’s decision appears to be a strategic one meant to position the company for growth and success in the long term.
In conclusion, the layoffs at Relevel are a clear sign of how companies are evolving and adapting to changing market conditions. While difficult, they are often necessary to ensure that companies remain competitive and relevant. With its focus on its test product business, Relevel is positioning itself for success in the years to come.