Info Edge-Backed 1K Kirana Fires 40% Workforce

0
98

operations in some regions due to failed attempts to raise fresh funds. The startup’s inability to raise funds was attributed to the increased focus on profitability and finances from investors. The layoffs have impacted on-ground operations, warehouse, delivery, network operations, growth, and tech teams. As per the startup’s statement, at least 400 employees were fired, but multiple sources suggest that more than 60% of the workforce or at least 600 employees were let go. The startup had raised $25 Mn in a Series B round in May 2022 led by Alpha Wave Global, Info Edge Ventures, and Kae Capital.

1K Kirana is a Gurugram-based Kirana tech startup founded in 2018 by Kumar Sangeetesh, Sachin Sharma, and Abhishek Halder. The startup follows a franchise model where it connects Tier-II consumers with its franchise partners, kirana stores. It operates on a D Mart-like business model where customers can browse products and do checkout via its app. According to the sources cited in the article, 1K Kirana has laid off 40% to 60% of its workforce, with at least 400 employees being let go. The startup had 1,052 employees at the beginning of April, but only around 200 employees remain across teams. The layoffs began in November 2022 and continued until the end of March 2023.