Report: Hmlet’s co-founder steps down as CEO

Details:

• His departure is part of a wave of senior-level executive changes at the co-living startup. Chief technology officer Pramodh Rai will leave Hmlet in June.
• The company has confirmed the shake-up. Peter Kennedy, senior advisor at the startup’s investor, Burda Principal Investments, is serving as Hmlet’s interim CEO starting this month.
• Kamalski will assist with Hmlet’s partnership and fundraising activities.

Context:

• The move comes after a series of layoffs that cut Hmlet’s headcount in half from a peak of 200 in end-2019 to 100 in December last year, Tech in Asia reported earlier.
• Hmlet has been hit hard by the pandemic, which saw its sales prospects dry up and customer habits change, though there’s been a gradual recovery. In December, Kamalski told Tech in Asia that Hmlet was hoping to close a round from existing and new investors.
• The company was moving toward an “asset-light” model, and it had been making progress on that front, the ex-CEO said.
• Other Hmlet investors include Sequoia India and Aurum Investments. The startup was valued at US$154 million, according to VentureCap Insights.

Update (March 26, 10:30 a.m.): Clarified that Kamalski has stepped down as CEO but remains part of the team