Future Group, the Kishore Biyani-led company, has decided to scale down its e-commerce venture Retail 3.0. In a bid to restructure its e-commerce business, the company has laid off about 400 people. According to a report by LiveMint, the layoffs are from roles in sales, product development, marketing, and ground operations.
The company had recently shut down many of its EasyDay stores due to little traction for its mobile grocery app. The closure of 140 stores in November last year was a part of the same restructuring process.
Retail 3.0 was launched in 2017 with Biyani stressing on blending technology with the company’s existing physical stores. Towards the end of 2016, the company had started its hiring process and by 2018, it had an employee base of about 600 people. In November 2018, the company had sold a 9.5% stake worth ₹2,500crore to e-commerce giant Amazon. Last week both the companies had announced a partnership between them where Amazon would become the retail group’s authorized channel for sales.
The layoff report has been confirmed by a Future Group spokesperson but details were withheld.
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