Lummo, an Indonesia-based startup focused on SMEs, is laying off a significant amount of its employees due to the global economic downturn, a source close to the company told Tech in Asia.
Lummo founders Krishnan Menon (left) and Lorenzo Peracchione / Photo credit: Lummo
The source added that the company will continue to develop and expand its ecommerce enabler solution LummoShop for entrepreneurs and brands after this move. Tech in Asia has reached out to Lummo but has not yet received any responses.
Inc42 previously reported that the company had let go around 100 to 150 employees in Indonesia as well as around 50 to 60 people in India. Tech in Asia‘s source refused to reveal the exact number, but he said that it’s in the lower half of the range reported by Inc42. In total, the company has around 500 employees.
Founded in December 2019, Lummo has two apps under its umbrella: LummoShop and bookkeeping app BukuKas. The startup was established by former Lazada executives Krishnan Menon and Lorenzo Peracchione.
In January, Lummo raised US$80 million in a series C round led by Tiger Global and Sequoia Capital India. The round also marked the first Southeast Asian investment of Alphabet’s VC arm CapitalG. In addition to the fundraise, the company also rebranded from BukuKas to Lummo.
See also: Tracking layoffs across Asia’s startup ecosystem (Updated)
Editing by Miguel Cordon and Lorenzo Kyle Subido
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