Introduction
In recent years, layoffs have become a common practice in organizations, especially during economic downturns. Companies resort to layoffs to reduce costs and remain competitive in the market. In this blog, we will be discussing the recent layoffs that happened in one of the prominent retail companies, Trell, headquartered in Bengaluru. We will provide comprehensive information on Trell’s history, its funding, investors, reason for layoffs, as well as the number of employees laid off.
Company Introduction:
Trell is a social commerce platform that allows creators to share their experiences and insights with their followers and monetize their influence. Trell was founded in 2017 by four IITians, who aimed to create a platform for people to share their travel experiences and quickly grew in popularity. With its innovative features, it has managed to attract many users, making it one of the top social commerce platforms.
History
Trell has come a long way since its inception in 2017. It started as a travel social media platform that allowed users to share their travel experiences and recommendations. Over time, it expanded to other categories, such as food, beauty, and fashion. The platform has over 75 million monthly active users, making it one of the most sought-after social commerce platforms.
Funding and Investors:
Trell has secured funding from some of the renowned investors in the market. In its most recent funding round, held in 2021, Trell raised $62 million in Series B funding. The funding was led by Singapore-based company Mirae Asset and other investors such as H&M Group’s investment arm CO:NEXT, and KTBN Ventures. With this funding, Trell aims to expand its business operations and hire new talent to further enhance its platform.
Performance
Trell’s performance has been impressive since its inception. It has managed to attract many users, making it one of the top social commerce platforms. However, it faced a tough time during the pandemic, with many creators struggling to maintain their businesses. Nevertheless, Trell managed to weather the challenging phase and continued to attract new users.
Reason for Layoffs:
Despite its impressive performance, Trell had to resort to layoffs due to the ongoing face-off between the investors and co-founders. The company announced on March 15, 2022, that it would lay off 300 employees due to the cost-cutting measures. The decision came as a result of a disagreement between the co-founders and investors on the company’s growth strategy
Number of Employees Laid Off:
Trell laid off 300 employees in Bengaluru, which amounted to 50% of its workforce. The unprecedented move came as a shock to many, especially with the company’s impressive performance in the market.
Statement from Company Stakeholders:
Trell’s co-founders released a statement regarding the layoffs, stating that it was a difficult decision to make but necessary to sustain the company’s growth. They mentioned that they would continue to work hard to improve the platform, and the affected employees would receive appropriate severance packages.
Conclusion
In conclusion, Trell’s layoffs came as a result of a disagreement between the co-founders and investors on the company’s growth strategy. It was a tough decision to make, but the company aims to sustain its growth by implementing cost-cutting measures. Trell continues to work towards improving its platform and providing its users with the best possible experience. Despite facing an unprecedented challenge, the social commerce platform remains among the most desirable ones in the market.
