Used car startup Spinny, has terminated around 300 employees as per media reports.
The headcount reduction is a part of a restructuring exercise.
The company’s co-founder and CEO, Niraj Singh, said that the layoffs were necessary to “strengthen our go-to-market business model, reduce costs and improve our margin profile.” He also said that the company is on the trajectory for 50 per cent growth in business by the end of the calendar year. The used car segment has been witnessing a downturn in recent months, as profitability remains a challenge for venture-backed companies in the space.
The layoffs at Spinny are a sign of the challenges facing the used car industry.
Stay connected with us on social media platform for instant update click here to join our LinkedIn, Twitter & Facebook
