According to rumors, the roll-up e-commerce business UpScalio in India has let go of 15% of its workforce.
UpScalio has 167 employees, according to LinkedIn. This results in a 25-person reduction in the workforce.
The Thrasio-inspired firm stated that the layoffs were a result of its annual staff assessment process, which was completed in December.
The startup, founded in March 2021 by Gautam Kshatriya, Saaim Khan, and Nitin Agarwal, buys and/or invests in e-commerce companies that sell on Amazon, Flipkart, and other marketplaces.
In March 2022, Gulf Islamic Investments, a company located in the United Arab Emirates, led a $15 million round of funding for UpScalio. The business has received $62.5 million in total across five stages.
The number of roll-up e-commerce businesses vying to become India’s next Thrasio has greatly increased in recent years. GlobalBees and Mensa Brands are among several that have already attained billion-dollar valuations.
However, as businesses struggle to grow up and sustain their acquisition flow, the nation may be going through an “aggregator bubble” during the current market slump.