New Delhi: Homegrown social commerce platform Meesho has reportedly closed its grocery store called Superstore in more than 90 percent of India’s cities (excluding Nagpur and Mysuru), resulting in multiple job losses. According to an Inc42 report, nearly 300 employees lost their jobs after the Meesho Superstore closed. When achieved, the company did not comment on the development.Also Read – Latest Update on Job Cuts: No More New VR Jobs at Meta, Google as they freeze hiring
In April, Meesho rebranded Farmiso to Superstore to reflect its continued focus on meeting consumer demand for everyday essentials in Tier 2 markets and beyond. That same month, the company laid off more than 150 employees, mostly from Farmiso, to integrate its grocery store into the core application. Also Read – Recession Fears: Xiaomi Cuts Over 900 Jobs Amid Global Economic Downturn, Report Says
The social commerce platform previously laid off more than 200 employees in the first wave of the pandemic. According to the Inc42 report, this time “low revenue and a high cash burn were the reason for the startup’s decision to close operations in most cities.” Also Read – Job Cuts: Alibaba Lays Nearly 10,000 Employees Amid Poor Sales, Drop in Net Income
5 more points to know for this big story about Meesho and his Superstore grocery store:
- Meesho Superstore operated in six states – Karnataka, Telangana, Andhra Pradesh, Gujarat, Madhya Pradesh and Maharashtra.
- The Inc24 report mentioned that Meesho offered the layoffs a two-month salary as severance pay.
- Meesho started 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.
- The Meesho Marketplace provides small businesses including small and medium-sized enterprises (SMEs), micro, small and medium-sized enterprises (MSMEs) and sole proprietors access to millions of customers from over 700 categories, pan-Indian logistics, payment services and customer support opportunities.
- Meesho recently reached 100 million transactive users. Since March 2021, the number of transactive users on the platform has increased by 5.5 times, while the range has grown by 9 times to 72 million over the same period, according to the company.
