Joining the layoff spree, Tiger Global-backed unicorn Moglix has laid off 2 to 3 per cent of its workforce.

According to Moneycontrol, its sources said that 200 employees or 15 per cent of Moglix workforce were impacted. But the company told the publication in a statement that only 2 to 3 per cent or about 40 of its employees were sacked after an annual review of employees' performances.

“We have hired 700+ people this year and continue to expand with a target to hire 300+ people for 2023. We keep a watch out for low performers and continue to automate tasks, for which annually 2-3 per cent of people can be impacted,” the company said in a statement. 

The decision to layoff came a year after Moglix raised $250 million in a Series F round led by existing investor Tiger Global and Alpha Wave with new investor Ward Ferry. 

The company recieved funds valuing $2.6 billion, more than double its valuation from May 2021, as B2B marketplaces grew faster than ever during the pandemic.