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Hello reader,
Layoffs suck. A friend of mine described it as “having your world turned upside down.” One day you have a job, and then suddenly you’re unemployed, through no fault of your own. It’s especially stressful if you have responsibilities like debts to pay off or a family to take care of.
The tech sector has experienced several layoffs in recent years (there was a time in 2022 when it seemed like folks were getting laid off every other day). While that’s slowed down, it’s undeniable that things are still tough for the industry, as companies try to cut costs and keep their heads above water.
In today’s premium story, we take a closer look at the latest layoffs in the sector: the one at logistics firm Ninja Van.
Today we look at:
- The recent layoffs at Ninja Van
- Ecommerce firm Blibli’s Q1 2024 numbers
- Other newsy highlights such as Foodpanda’s new private-label offerings and Traveloka paying off its US$300 million loan
Premium summary
Layoffs and logistics
Image credit: Timmy Loen
Singapore-based logistics firm Ninja Van has laid off about 10% of its tech staff amid ongoing initiatives to reduce costs.
- Why? According to a spokesperson, Ninja Van had done other cost-cutting measures across its tech team, including infrastructural reorganization and outsourcing. In an email sent to staff seen by Tech in Asia, Cheehan Tee, Ninja Van’s vice president for engineering, said that the layoffs were “an absolute last resort” that the company had to take, as the outcome from its previous measures “still wasn’t enough.”
- Help given: Workers who have been laid off were given a “reasonable severance package” to help with their transition from Ninja Van, including job placement support, a month of severance pay per full year of employment, and garden leave until their official last day on May 31.
- Some background: The layoffs come after the company’s revenue declined 7% year on year in FY 2023, which was mainly due to an almost 20% drop in parcels handled. Its operating losses also grew 32% in the same period.
Read more: Ninja Van lays off about 10% of regional tech team
News spotlight
Blibli’s Q1 numbers
Sneak peek of who you’ll meet on May 30
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