CosmicTaco

WayCool Cuts Over 200 Jobs In Another Round Of Layoffs Within Five Months

CosmicTaco · 2024-07-26T17:20:23.547896+05:30

- WayCool has initiated another round of layoffs within five months, cutting over 200 jobs to streamline its business operations. - This marks the third layoff exercise within a year, affecting employees across Chennai, Bengaluru, Hyderabad, and its subsidiaries. - The company has raised around $300 Mn in total funding, backed by investors like Lightrock, Lightbox, Lightsmith, 57 Stars, and FMO. - Sources indicate the layoffs are due to financial struggles, including delayed salaries and client payments. - WayCool aims to achieve profitability by simplifying and automating roles, with plans to complete its bridge round funding by August. Source: Inc42

WayCool has initiated another round of layoffs within five months, cutting over 200 jobs to streamline its business operations.
This marks the third layoff exercise within a year, affecting employees across Chennai, Bengaluru, Hyderabad, and its subsidiaries.
The company has raised around $300 Mn in total funding, backed by investors like Lightrock, Lightbox, Lightsmith, 57 Stars, and FMO.
Sources indicate the layoffs are due to financial struggles, including delayed salaries and client payments.
WayCool aims to achieve profitability by simplifying and automating roles, with plans to complete its bridge round funding by August.

Source: Inc42