Singapore-based Glints lays off 18% of employees

Glints, a Singapore-based careers platform, is laying off employees “based on market conditions and business priorities,” the firm’s co-founder Oswald Yeo said in his address to staff.

Glints’ Indonesia team / Photo credit: Glints

A source told Tech in Asia that nearly 18% of the 1,100 employees were affected by the layoffs. This translates to staff cuts of about 198 employees.

The development comes after the startup raised US$50 million in a series D funding round in August. In the same month, the firm claimed that its annual revenue and gross profits grew 2.5x over the past 12 months.

The company, which is backed by private equity fund Lavender Hill Capital, will be providing retrenched staff a month’s salary for every year of service. It will also offer leave encashments as well as healthcare and learning and development benefits until the end of March 2023. The startup will be helping affected employees search for job opportunities as well.

“We are removing the one-year cliff on ESOP for all Glintstars who have been with us for less than a year,” Yeo’s said in the address. The next ESOP vesting schedule will also be accelerated by six months for employees who have been with the company for over a year, he added.

Founded by Yeo and Seah Ying Cong in 2013, Glints connects companies to talent pools in Indonesia, Malaysia, Singapore, Vietnam, Taiwan, and the Philippines. It has over 50,000 companies and more than 3 million job seekers on its platform.

“We have taken all measures to ensure that this is a one-time occurrence and that there will not be another restructuring in the near future,” Yeo said in the address.

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

Update (Dec. 7, 8:10 p.m. SGT): This article was updated to include the company headcount.