“We had to let go of 87 beloved Cameo Fameo members,” CEO Steven Galanis said in a LinkedIn post.
The layoffs were first
reported by The Information.
“I am heartbroken to see so many trusted friends and colleagues leave this week,” he added.
“The decision to downsize our workforce was a painful but necessary course correction” to “balance our costs with our cash reserves,” CEO and co-founder Steven Galanis said in a statement to The Information.
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The company briefed employees on its plans Wednesday at a town hall meeting, according to the report.
In India too, startups have been losing jobs since the start of the year as markets tighten for funding after a record 2021.
ETtech reported in a detailed article on April 28 that more than 1,800 contract and full-time employees had been laid off from ed-tech company Unacademy, social commerce startups Meesho and Trell, online learning platform Lido Learning and furniture rental startup Furlenco. Some of those companies may be looking to cut more jobs, people in the know said. Investors have started to ask high-growth companies to go back to basics – to chase profits and reduce their cash burn, we reported.