New Delhi, July 27: Chennai-based agriculture supply chain startup WayCool Foods has reportedly laid off over 200 employees. As per reports, WayCool admitted that they had to let go of some employees as part of their plan to make the company more profitable. However, they did not disclose how many employees exactly were affected by the decision.

Sanjay Dasari and Karthik Jayaraman established the food and agritech platform in 2015. Initially, it focused on managing the supply chain for agricultural products. However, in 2018, the company expanded its operations and entered the consumer packaged goods industry. The expansion was further enhanced through brands like Kitchenji, Madhuram and Freshey's. PocketFM Layoffs: Audio Entertainment Platform Lays Off Around 200 Writers To Optimise Costs and Allocate Resources for Ongoing Projects.

As per a report of Money Control, Agritech startup WayCool has fired over 200 employees in its third round of layoffs in one year. The recent round of layoffs at WayCool has impacted employees in Chennai, Bengaluru and Hyderabad, as well as its subsidiaries CensaNext and BrandNext.

The company reportedly said, “Each of WayCool's businesses is executing their plans to get to profitability. As part of this, roles and structures are further simplified and automated. This will be a continual process.”  Reports suggest that the company is making efforts to streamline its operations to reduce losses and facing difficulties in closing funding. Tech Layoffs 2024: More Than 1,00,000 Employees Laid Off Since January 2024, Around 41,000 People Lost Their Jobs in June Alone, Says Report.

The decision comes after previous rounds of job cuts, which have affected many workers across different departments. Last year in July, they laid off over 300 employees, and in February of this year, they terminated 70 employees. According to reports, WayCool has announced that it has already obtained 75 percent of the funding it needs from its bridge round, which reportedly amounts to USD 40 million. The company expects to complete the fundraising process by August and expects that the amount of funding will give them enough financial support to achieve profitability.

(The above story first appeared on LatestLY on Jul 27, 2024 03:30 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).