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DealShare gives up office space in Bengaluru - The Hindu BusinessLine

DealShare gives up office space in Bengaluru - The Hindu BusinessLine
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Exclusive: DealShare co-founder on shutting down B2B biz, layoffs, and plan ahead, ET Retail

As per the last communication, DealShare laid off 130 more employees and shut down its B2B business, which accounted for 20 - 30 per cent of its total revenue. In an exclusive chat with ETRetail, DealShare co-founder Sourjyendu Medda shared that today its cash burn is significantly down to about 15 per cent of the peak. In July, he had told ET that the company’s monthly cash burn was down to USD 2 million from USD 11 million earlier.

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Dealshare lays off 130 employees, closes down B2B vertical, Retail News, ET Retail

The layoffs come roughly one-and-a-half months after Vineet Rao stepped down as Dealshare’s chief executive. The company had earlier decided to shift its headquarters North, which is where most of its business comes from.

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DealShare to layoff 130 employees as it decides to shut B2B unit

The B2B division, while smaller than the B2C unit, still accounted for about 20-25 percent of DealShare’s revenue.

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dealshare: Dealshare lays off 130 employees, closes down B2B vertical

The layoffs come roughly one-and-a-half months after Vineet Rao stepped down as Dealshares chief executive. The company had earlier decided to shift its headquarters North, which is where most of its business comes from.

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