Meesho shuts down its grocery business
By MYBRANDBOOK
Homegrown social commerce platform Meesho has shut down its grocery business known as Superstore in more than 90 percent of cities in India, except Nagpur and Mysuru, resulting in the firing of 300 employees across the cities in India.
The lay-off consisted of both on-roll and off-roll workers, including city launch managers, pricing team leads, warehouse managers, sales executives, sourcing executives, market intelligence executives, among others.
It is reported that low revenue and a high cash burn were the two major reasons behind the company’s move to shut down the venture and end operations in most of the cities. Meesho Superstore was operational in cities across six states including Karnataka, Telangana, Andhra Pradesh, Gujarat, Madhya Pradesh, and Maharashtra.
In April, Meesho rebranded Farmiso to Superstore, with an aim to highlight its continued focus to fulfill consumer demand for daily essentials in Tier 2 markets and beyond. In the same month, the company laid off more than 150 employees, mostly from Farmiso, as it aimed to integrate its grocery business within the core application.
Meesho offered a two-month salary as a severance package to the laid off on-role employees. Moreover, the company has also absorbed some of the on-roll employees in its core business. Meesho launched a pilot in Karnataka to make online grocery shopping affordable, and the company aimed to make Superstore available in 12 states by the end of 2022.
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
HP INDIA SALES PVT. LTD.
FIRE BOLTT
LENOVO INDIA PVT. LTD.
Icons Of India Arundhati Bhattacharya
Icons Of India : Dr. Arvind Gupta
Arvind Gupta is the Head and Co-Founder of the Digital India Foundatio...
Icons Of India : ASHISH KUMAR CHAUHAN
Ashish kumar Chauhan, an Indian business executive and administrator, ...
Icons Of India : Dilip Asbe
At present, Dilip Asbe is heading National Payments Corporation of Ind...
ECIL - Electronics Corporation of India Limited
ECIL is distinguished by its diverse technological capabilities and it...
STPI - Software Technology Parks of India
STPI promotes and facilitates the growth of the IT and ITES industry i...
GeM - Government e Marketplace
GeM is to facilitate the procurement of goods and services by various ...
Indian Tech Talent Excelling The Tech World - AJAY BANGA, President - World Bank
Ajay Banga is an Indian-born American business executive who currently...
Indian Tech Talent Excelling The Tech World - Sundar Pichai, CEO- Alphabet Inc.
Sundar Pichai, the CEO of Google and its parent company Alphabet Inc.,...
Indian Tech Talent Excelling The Tech World - Satya Nadella, Chairman & CEO- Microsoft
Satya Nadella, the Chairman and CEO of Microsoft, recently emphasized ...