WayCool Layoffs
Industry Food · Location Chennai · India · Subscribe (RSS)
WayCool has 3 publicly reported layoff rounds on record between July 11, 2023 and July 26, 2024. A total of about 570 employees were affected across these rounds.
Layoff history
Chennai-based agritech startup WayCool laid off more than 200 employees in July 2024, its third round of cuts in under 12 months. The previous two rounds, in July 2023 and February 2024, had already eliminated more than 370 positions. A company spokesperson said each of WayCool's businesses was "executing their plans to get to profitability" and that roles were being "further simplified and automated." The July cuts spanned operations in Chennai, Bengaluru, and Hyderabad and affected two subsidiaries, CensaNext and BrandNext. The startup had been in talks to raise more than $50 million at a valuation of up to $900 million, but those negotiations fell through, leaving the company at a $700 million valuation. WayCool's FY23 losses grew 89% to Rs 685 crore even as revenue rose 62%.
Reason: Cost reduction drive toward profitability amid funding shortfall
Source: moneycontrol.com
WayCool disclosed a workforce reduction affecting its Chennai operations in February 26, 2024. Approximately 70 roles were eliminated.
Source: inc42.com
WayCool disclosed a workforce reduction affecting its Chennai operations in July 11, 2023. Approximately 300 roles were eliminated.
Source: timesofindia.indiatimes.com
Data for WayCool is compiled from public WARN Act filings and reporting linked above. See our methodology.