- Briefing Your roundup of Asian tech and startup news that matter
Doris Yu · · 1 min readReport: Hmlet cuts around 20% of employees amid financial troubles
“Co-living startup Hmlet on Thursday laid off more than 20 employees in middle- and upper-management roles to cut costs amid financial woes. This represents about 20% of its headcount,” reported The Business Times.
Details:
- Departments including technology, operations, and marketing were affected by the job cuts.
- Hmlet’s existing investors have poured in more funds to help extend the startup’s cash runway during the Covid-19 pandemic.
Context:
- The redundancy comes shortly after co-founder Yoan Kamalski stepped down as CEO of the Sequoia Capital India-backed firm.
- In early 2020, Hmlet laid off at least 10% of its staff as it shifted to an “asset-light” model.
Editing by Eileen C. Ang
(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.
