Dealshare lays off 100 employees 

Social commerce unicorn Dealshare has laid off 100 employees out of its 1,500-member team as part of its business restructuring plan.

Dealshare Founder and Co-CEO, Sourjyendu Medda told businessline, “based on the market conditions, we have rationalised our business plan a bit. New areas of business where a longer period of investment was required, we have reduced our focus there.”

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He added that the company is reducing the focus on expanding into newer states and will instead focus on its current footprint. “Last year we grew by 13x but in the current market conditions we are not planning that kind of growth and might also shut down operations in some newer geographies.”

The impacted employees are getting a severance equal to their notice periods. The majority of the employees have received a severance of three months. Started in 2018, Dealshare helps local and regional brands to market and sell their products nationally, with a network of 1,000 small entrepreneurs (Dealshare Dosts). At present, the company is present in around 140 cities across 8 states. Dealshare competes with players like Udaan, Flipkart Shopsy and D-Mart Ready in this space.

The ongoing funding winter and uncertain market conditions have led to massive layoffs across tech companies. From majors like Microsoft, Amazon, and Google to young unicorns such as Byju’s, Unacademy, and Ola have laid off employees and announced cost-cutting measures to sustain the market downturn.

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