NEW DELHI ShopClues has laid off between 45-50 employees across multiple functions, reports ET. When contacted by ET on Thursday, a company spokesperson confirmed the development, but said that the layoffs were made taking into account individual performances and had impacted “less than 4% of the company’s overall workforce”.“Unfortunate as it might be, the rigours of a merit-based system requires that we keep the bar high on individual performance. As we wrap up the review cycle for FY 2018, this decision has impacted less than 4% of the total workforce,” the company spokesperson said.The firm’s employee strength is believed to be between 1,150-1,200. Its loss for the same period went down by 13% to Rs 332 crore, as it reduced its advertising and promotional expenditure from Rs 236 crore to Rs 188 crore.Last month, the company was reported to have raised a bridge round, estimated at $1 million, from early investor Unilazer Ventures, the investment firm founded by media total Ronnie Screwvala. According to media reports, the Indian arm of Clues Network Inc, has allocated about 1,027 equity shares to its Indian subsidiary for raising this round, as per business research platform Paper.vc.

Source: Economic Times March 23, 2018 02:36 UTC