An Indonesian used-car marketplace called Moladin has let go off 360 workers, or 11% of its staff.
According to one of the renowned media houses, the “tough” choice was made to increase the company’s long-term viability.
According to the company, affected employees will be paid fairly in accordance with the law.
“We will also be extending medical benefits until the end of May 2023 as well as outplacement support to help our affected employees tide through this period,” the company added.
“We will also be extending medical benefits until the end of May 2023 as well as outplacement support to help our affected employees tide through this period,” the company added.
When Moladin was first established in 2017, it offered both new and secondhand motorcycles. However, it changed course in 2021 and entered the used-car market, which caused its transaction volume to increase more than 20 times in a short period of time.
Moladin collected US $137 million in two rounds from investors such as East Ventures, Sequoia Capital, and Northstar Group in less than four months last year. In its most recent fundraising, it was valued at $765 million USD.
According to RevoU research, Moladin saw the biggest increase in staff count among regional tech enterprises, increasing by 567% between May 2021 and May 2022.
