Job Cuts Latest News: Online Platform Meesho Shuts Down Grocery Business ‘Superstore’; Lays Off 300 Employees

New Delhi: Homegrown social commerce platform Meesho has reportedly shut down its grocery business called Superstore in more than 90 per cent of cities in India (except Nagpur and Mysuru), resulting in several job losses. According to an Inc42 report, nearly 300 employees have lost jobs after the shuttering of Meesho Superstore. When reached, the company did not comment on the development.Also Read – Job Cuts Latest Update: No More New VR Jobs at Meta, Google as They Freeze Hiring

In April, Meesho rebranded Farmiso to Superstore, with an aim to highlight its continued focus to fulfill consumer demand for daily essentials in Tier 2 markets and beyond. The same month, the company laid off more than 150 employees, mostly from Farmiso, as it aimed to integrate its grocery business within the core application. Also Read – Recession Fears: Xiaomi Cuts Over 900 Jobs Amid Global Economic Downturn, Says Report

The social commerce platform earlier laid off more than 200 employees in the first wave of the pandemic. According to the Inc42 report, “low revenue and a high cash burn was the reason behind the startup’s decision to wind up operations in most of the cities” this time. Also Read – Job Cuts: Alibaba Lays Off Nearly 10,000 Employees Amid Poor Sales, Drop in Net Income

5 more points to know for this big story on Meesho and its Superstore grocery business:

  1. Meesho Superstore was operational in six states — Karnataka, Telangana, Andhra Pradesh, Gujarat, Madhya Pradesh, and Maharashtra.
  2. The Inc24 report mentioned that Meesho offered a two-month salary as a severance package to those laid off.
  3. Meesho launched a pilot in Karnataka to make online grocery shopping affordable, and the company aimed to make Superstore available in 12 states by the end of 2022.
  4. The Meesho marketplace provides small businesses, which includes small and medium businesses (SMBs), micro, small and medium enterprises (MSMEs) and individual entrepreneurs, access to millions of customers, from over 700 categories, pan-India logistics, payment services and customer support capabilities.
  5. Meesho recently reached 100 million transacting users. Since March 2021, the transacting user base on the platform has surged 5.5 times while the assortment has grown 9X to 72 million during the same period, claimed the company.

Source link

We will be happy to hear your thoughts

Leave a reply