Fashion ecommerce major Myntra is laying off employees as part of a consolidation exercise, which aims to move its Gurugram-based satellite operations to Bengaluru. Sources told Inc42 that the company aims to relocate certain roles into larger teams based out of Bengaluru, while some jobs will be phased out. The relocation and retrenchments will impact 50 employees of the company’s Gurugram-based catalogue team. A source close to the company said that the move is aimed at centralising teams, streamlining internal processes and improving coordination. The Walmart-backed marketplace plans to offer severance pay, outplacement services and extended insurance cover to the impacted employees, added the source. The source said that the relocation and layoffs are unrelated to AI implementation or performance considerations. Inc42 has reached out to the company for a comment on the development. This story will be updated upon receiving their response. Founded in 2007 by Mukesh Bansal, Ashutosh Lawania and Vineet Saxena, Myntra is an online marketplace which allows third-party sellers to sell their fashion products such as apparels and other accessories. The Bengaluru-based startup was acquired by Flipkart for $240 Mn in 2014. The fashion ecommerce arm of Flipkart’s net profit zoomed about 18X to INR 548… Read MoreInc42 Media
