Indian roll-up firm UpScalio cuts 15% of workforce

UpScalio, an India-based roll-up ecommerce startup, has laid off 15% of its staff, the company told Tech in Asia.

According to LinkedIn, UpScalio employs 167 people. This translates to a reduction of 25 employees.

UpScalio co-founders (from left) Nitin Agarwal, Gautam Kshatriya, and Saaim Khan/ Photo credit: UpScalio

The Thrasio-style startup noted that the layoffs were part of its annual employee appraisal process, which took place in December.

“While UpScalio has been able to grow aggressively, we always keep a keen eye on profitability,” said Ankur Singh, the company’s head of people and culture.

Entrackr was the first to report the development.

Founded in March 2021 by Gautam Kshatriya, Saaim Khan, and Nitin Agarwal, the startup acquires and/or invests in ecommerce businesses that sell on Amazon, Flipkart, and other marketplaces.

UpScalio’s last fundraise was a US$15 million round in March 2022 led by UAE-based Gulf Islamic Investments. The startup has bagged a total of US$62.5 million in over five rounds.

In recent years, India has witnessed a huge boom in roll-up ecommerce companies that want to be the country’s next Thrasio. Of these, GlobalBees and Mensa Brands have already reached billion-dollar valuation.

However, the country might be experiencing an “aggregator bubble” in this market downturn as companies struggle to scale up and maintain their acquisition flow.

See also: India’s young roll-ups may be in for a wake-up call