Dealshare lays off 130 employees, closes down B2B vertical

economictimes.indiatimes.com:

Dealshare has laid off about 130 employees as it winds down its business-to-business (B2B) vertical and shifts its headquarters from Bengaluru to Gurgaon.

The layoffs come roughly one-and-a-half months after Vineet Rao stepped down as Dealshare’s chief executive. The company had earlier decided to shift its headquarters North, which is where most of its business comes from.

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In a statement, a Dealshare spokesperson said the company was re-aligning its budgets and reorganising its teams and locations as part of a focus on the B2C business, without revealing details on the number of employees impacted.

“Our immediate priorities will be to quickly organise the teams towards execution, complete the non-tech teams’ transition to Gurgaon, prioritise key deliverables and swing into action. As a result of this reorganisation, some of our colleagues will be leaving us. The company will do everything in our capacity to support them through this transition both financially and (by) leveraging our networks to provide for a soft landing,” the spokesperson added.

Most of the employees impacted are from the B2B business, a person in the know told ET. The retrenched also include some people who have chosen not to move to the new headquarters in Gurgaon. The B2B arm brought in between 20% to 30% of Dealshare’s total revenues. Before the layoffs, the firm