As an expert content writer, I am here to shed some light on the recent layoffs that have taken place in organizations and how it is impacting the various industries. In this blog, we will be discussing the layoffs that took place in Yojak, the construction company based in Gurugram.
An Introduction to Yojak:
Yojak is a construction company that focuses on building sustainable residential and commercial constructions. The company was founded in 2018 by a group of industry leaders who had the vision to build better homes and offices. Yojak quickly gained traction in the market, and in 2019, it secured its first round of funding from Info Edge, one of India’s leading venture capitalists.
Yojak’s Investors and Funding:
Yojak has been backed by some of the leading investors in India, including Info Edge, which has invested $3 Mn in Yojak’s seed funding round. The company had ambitious plans to expand its footprint across the country and provide affordable and sustainable housing solutions.
Yojak had a promising start, with its innovative solutions and sustainable construction practices quickly gaining attention in the market. However, the company soon realized that it was facing some unexpected headwinds that had a detrimental impact on its financials.
Reasons for Layoffs:
The construction industry has been one of the hardest-hit industries in the past year due to the pandemic-induced slowdown. Despite the gradual recovery, the industry is still struggling to gain momentum, and Yojak is no exception to this. The company had to take some tough decisions to sustain its operations, which led to the recent layoffs.
Number of Employees Laid Off:
Yojak recently laid off around 140 employees across its various departments, which constituted around 50% of its workforce. This was a difficult decision for the management team, but they felt that it was necessary to maintain the company’s financial stability.
Statement from the Company:
The company’s top management issued a statement acknowledging the challenges faced by the organization and expressing their regret at having to take such a tough call. “We deeply value the contribution of all our employees who have been affected by the recent layoffs. We are committed to treating them with respect and dignity and providing them with all the necessary support during this difficult time,” said the spokesperson.