Chope, the Singapore-based restaurant management startup, laid off a total of 65 employees last week, affecting 38 from the city-state and 27 across its other markets in Asia, founder and CEO Arrif Ziaudeen told Tech in Asia.
This means that Chope has cut about 24% of its staff, as it had 270 employees as of October.
Photo credit: Chope
Ziaudeen said the company has been affected by “fast-changing economic conditions” in the last few months.
“With the restaurant business recovering strongly after Covid, we were optimistic when we should have been cautious. We are now forced to recalibrate our investment in long-term projects, and focus on efficiency,” he explains.
In an earlier interview with Tech in Asia, Chope said that it had recorded a 32% growth in its gross revenue in the first half of 2022 compared to the same period a year ago.
See also: Covid-19 a sledgehammer strike, recession just like a pinch, says Chope CEO
The company says all teams had to streamline their operations, but those from strategic projects bore the brunt of the move. Staff have been provided with a “departure package” and will get support in finding new opportunities.
Chope operates in Singapore, Indonesia, Thailand, Hong Kong, and China. Apart from having a reservation service, it also offers deals for users and a software solution for restaurants, among others.
In August, the company received US$15 million in strategic investment from Alipay to enable F&B businesses to build their own mini apps on Chope’s platform.
Editing by Thu Huong Le and Eileen C. Ang
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