Meesho lays off 15% workforce

Indian social commerce startup Meesho  has cut  15% of its workforce, or 251 roles, in a bid to reduce expenses and achieve sustained profitability.   Meesho, whose backers include SoftBank, Prosus, and Sequoia India, is targeting breakeven in 2023 and has recently trimmed its cash burn aggressively. The company offers an online platform for individuals to sell items while managing their backend logistics and tracking order flows.  This is the second round of job cuts at Meesho after eliminating about 150 roles a year ago. Those affected by the layoffs will receive one-time severance payments of 2.5 to 9 months, job placement support, and accelerated vesting.  Meesho, which is used heavily in smaller cities in India, grew by 10x from 2020 to 2022 and drove a merchandise value of $4.5 billion in 2022.