Gabriel Budi Sutrisno · · 1 min readInsurtech firm Qoala lays off 80 employees in Indonesia, Malaysia
Photo credit: Qoala
Indonesia-based insurtech startup Qoala said it laid off 80 employees on July 31 across Indonesia and Malaysia.
This news comes about four months after the company announced its US$7.5 million series B extension round.
In a statement to Tech in Asia, Qoala said that the layoffs were necessary to “improve its synergies within and across each of its departments and business units to lead a more efficient and sustainable business moving forward.”
The company also said that the decision was motivated by a two-year review of its organizational structure.
Affected employees will be provided with an extension of full-coverage health insurance, compensation for unused annual leaves, repatriation support for those on work permits, and recommendation letters, among others.
The firm added that that its current financial position remains robust with a “comfortable runway.”
Founded by Harshet Lunani and Tommy Martin in 2018, Qoala distributes retail insurance products such as home, health, and vehicle coverage through its omnichannel platform. Besides Indonesia and Malaysia, the company also operates in Thailand and Vietnam.
In an interview with Tech in Asia in March, CEO Lunani said Qoala expects to become profitable in the next three years.
See also: SEA fintech sector hits funding slump in H1 23, but insurtech holds up
Editing by Thu Huong Le and Lorenzo Kyle Subido
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