Mumbai-based mobile-only food ordering platform TinyOwl confirmed in an email statement to NDTV Gadgets that the firm will be eliminating certain job positions in the company on a strategic level.
A news report filed on Tuesday on Yourstory pegged the number of layoffs at over 150 employees, in Mumbai and Pune, mostly in sales, marketing, data, and business intelligence teams. Employees were given a month's salary as severance.
The TinyOwl statement on the job cuts is attributed to Tanuj Khandelwal, Co-Founder.
"TinyOwl has grown immensely in the past year and our efforts continue to be focused on strengthening the brand's position in the market on a national level. The elimination of certain positions in the company have been made on a strategic level, to increase efficiency, productivity and re-direct our diverse talent to focused departments, providing the best innovative offerings to our customers. We appreciate the contributions of all the employees in making TinyOwl an amazing growth story. We see this development as a positive move towards growth, and will continue to hire informed talent across the country, to provide our customers a seamless food ordering experience."
Founded in 2014, TinyOwl has secured a total of $20 million (roughly Rs. 132 crores) in funding so far. Its last funding round saw the firm raise $16 million (roughly Rs. 100 crores) in February 2015. The firm currently operates in Bengaluru, Chennai, Mumbai, Delhi NCR, Hyderabad, and Pune.
According to a recent report by Livemint, TinyOwl at an advanced stage of raising $50 million (roughly Rs. 331 crores).
Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.