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Aya Lin · · 1 min readIn brief: Pathao in ‘massive downsizing’ after prospective investors pull out
- Bangladeshi ride-hailing startup Pathao underwent “a massive downsizing” yesterday, The Daily Star reports. Nearly 300 mid- to top-level employees from various departments, including transport and food delivery, were handed letters of termination, according to several people currently working in the company.
- The sources told the Star that the layoffs were due to investors backing out from an upcoming investment round, keeping only a few months’ worth of the reserve to run the company.
- Hian Goh, general partner at Pathao investor Openspace Ventures, said that a restructuring has occurred at the startup. “Bangladesh remains a country we want to invest in, and we think this allows them to maintain their leading position in the market,” he said, without confirming whether Openspace would join Pathao’s ongoing fundraise.
Editing by Eileen C. Ang
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