Indonesia-based Ajaib lays off 8% of workforce

Indonesia-based investment platform Ajaib has laid off 67 employees, which makes up 8% of the firm’s headcount.

Photo credit: Ajaib

In a statement given by Ajaib management, the company explained that the downsizing was done “to ensure the company’s readiness to face uncertain macroeconomic conditions.”

Affected employees will be receiving severance compensation and a bonus of one extra month’s pay for each year of service. The company will also offer counseling, job search support, and health insurance for staff and their families for the next six months, it said.

In another measure, Ajaib has also opted to voluntarily reduce management pay and forego co-founders’ salaries.

The startup was co-founded in 2019 by Anderson Sumarli, Yada Piyajomkwan, and Winston Lays.

The news comes after a series of layoffs hit Indonesia’s startup scene this month. Fintech platform Koinworks also laid off 8% of its employees, as did ecommerce enabler Sirclo. Tech titan GoTo group cut 1,300 jobs amid the macroeconomic slowdown as well.

See also: Tracking layoffs across Asia’s startup ecosystem (Updated)