WeWork's India franchise said on Tuesday it laid off 100 employees, or 20% of its workforce, because the office-sharing startup joins a slew of firms that are cutting costs and revamping operations as a protracted nationwide lockdown to curb the coronavirus has kept people indoors.
A number of Indian startups, including restaurant aggregator Zomato and food delivery service Swiggy, have hamper their employees, as they reshape their business in response to the COVID-19 pandemic, which has forced 1.3 billion Indians indoors and crippled business.
"We have optimised and planned our team strength supported the core business, as we still execute our long-term business strategy in India and aim to be profitable by early 2021," said Karan Virwani, chief executive at WeWork India, found out by land firm Embassy Group over 2 years ago.
In October last year, WeWork India's chief shareholder Jitu Virwani had said the corporate would be profitable by end of 2020.
Softbank Group Corp has poured in additional than $13.5 billion into New York-based WeWork.