BeepKart, which was founded in 2021 by Doshi and Saraf, has fired between 60 and 70 workers in its most recent round of layoffs, which took place five months ago.
The business, Vertex Ventures and Stellaris Venture Partners backed, has closed six of its eleven outlets in Bengaluru and Chennai during the previous five months as part of a cost-cutting drive.
A well-known media outlet claims that BeepKart has let go of about 130 workers in three waves of layoffs over the past five months as part of a cost-cutting initiative due to a lack of funds.
In its most recent reorganisation, which took place in the final week of September, the firm laid off 60–70 workers from its offices and retail locations in Bengaluru and Chennai.
“We were told the company was struggling to scale and didn’t have much cash to bear the cost, hence it was decided to undertake another round of layoffs,” one of the sources said.
Based on their notice periods, severance money was offered to the affected employees. The startup had to cut staff because of intense competition and growing costs, according to the sources.
The startup has opened new stores in Ashok Nagar and Poonamallee in Chennai, as well as Jayanagar, Rajajinagar, and KR Puram in Bengaluru, as well.
In an additional attempt to save expenses, the business has modified its refurbishment policies. which has led to low-quality cars and complaints from customers.
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