Qishin Tariq · · 1 min readJD-backed Pomelo lays off 55 staff, aims to raise fresh funds
JD.com-backed fashion ecommerce platform Pomelo Fashion has laid off 8% of its staff and is in the process of raising additional funds, Bloomberg reported.
The Thailand-based startup said the move was part of its efforts to streamline its processes toward more sustainable growth. The job cuts affect 55 employees across different teams.
In its quest to raise additional capital, Pomelo Fashion has roped in US investment firm Morgan Stanley, sources familiar with the matter told Bloomberg.
The retrenchments come despite a rebound in the company’s business: It posted a 93% increase in net revenue and a 134% growth in offline retail sales in the first six months of 2022 compared to the same period last year.
In June, Singapore-based ecommerce giant Shopee also downsized workers in its ShopeeFood and ShopeePay arm in several markets.
Last December, Pomelo raised US$34 million in funding from investors including Suntory One, bringing its total funding raised to US$98 million.
See also: Pomelo nearly doubles revenue in H1 2022 driven by offline retail
Editing by Deepti Sri and Jaclyn Tiu
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