Eommerce-focused packaging company Bizongo has laid off employees shortly after raising a USD 50 million funding round.
According to media reports, a Bizongo spokesperson said that the startup is driving sharper focus towards key business goals and in lieu of this, the company has reallocated people. Parting ways with people is never easy and these are difficult decisions.
The news comes at a time when the startup has raised fresh funds, Bizongo fired 15 per cent of its workforce or 50 employees.
This is the second layoff for the company after a gap of three years. In June 2020, it fired around 160 staff. However, sources close to the company indicated that there were layoffs in early 2023. The number of impacted employees could not be verified, according to media reports.
Bizongo has raised USD 260 million to date. The firm saw its valuation jump from USD 600 million to USD 980 million during the latest funding round.
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