Malaysia-based iPrice Group, a shopping aggregator, has laid off 20% of its employees. Tech In Asia has verified that the company has let go of 50 employees.
Photo credit: iPrice
The firm said that the measures were taken to focus the business on its core mission “to help people save money” shopping online. Currently, the firm is following legal and contractual requirements and helping laid-off staff find new opportunities, according to a statement.
Founded by David Chmelař and Heinrich Wendel in 2014, iPrice helps users shop for products online by providing price comparisons, seller discounts, and promotions.
“Whilst we proved these new services all resonated with online shoppers, they each required further investment with a longer-term payback,” Chmelař said. He added that given the uncertain economic environment, the company will strive to be “hyper-focused” on its core product.
See also: Tracking layoffs across Asia’s startup ecosystem
The company said that two-thirds of Southeast Asian shoppers overpay by 10% when online shopping and its site publishes 7.5 billion offers to help its 100 million users find cheaper deals.
The job cuts come three months after iPrice Group received a US$5 million investment from Japanese firms KDDI Corporation and Itochu Corporation.
Editing by Deepti Sri and Arpit Nayak
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
