The unicorn home décor company Livspace, financed by KKR, announced that it had fired 2% of its more than 5,000 employees as it works to become profitable this year.
As per reports, a Livspace spokeswoman informed that the move is in line with “regular adjustments and/or performance management standards” and that the company now has a sound balance sheet, despite the fact that the company did not identify which functions were affected.
“Our focus continues to be on the most efficient deployment of capital and resources to maximize value for our shareholders, customers, partners, and employees,” the person added.
The corporation did not disclose any information beyond stating that it will reallocate resources to other areas of the business.
Livspace will offer outplacement services, extended medical insurance, and support packages to people who are impacted.
Since its establishment in 2014, Livspace has positioned itself as the Amazon of home decor by providing tech-enabled interior design and restoration services. One of its standout products is Canvas, a SaaS platform that enables designers to interact with their clients.
After the business secured US $180 million in a series F fundraising round led by KKR in February 2022, it entered the unicorn category.
Employees of Livspace may be found throughout Malaysia, Singapore, India, and the Middle East. It allegedly set aside US $100 million for purchases that would aid in its expansion in those four areas.
