Companies

Home design firm Livspace lays off 450 employees

PTI New Delhi | Updated on May 25, 2020 Published on May 25, 2020

Bengaluru-based Livspace, which is into home design and renovation, has laid off 450 employees — 15 per cent of its total workforce — due to an adverse impact of the coronavirus-induced lockdown. The decision to lay off was taken last week.

Earlier this month, leading co-working operator WeWork India also announced laying off nearly 100 employees.

Founded in 2015 by Ramakant Sharma and Anuj Srivastava, Livspace provides a three-sided marketplace and a design automation platform that connects homeowners, certified designers and vendors.

Livspace uses data science-enabled algorithms to match homeowners with designers (based on style preferences, budget, scope of work and timelines).

“Due to the Covid-19 pandemic, like every business in the discretionary purchase sector, Livspace also has experienced a sudden and unpredictable impact on business,” the company said in a statement.

“About 15 per cent of the organisation or 450 people have been impacted due to this decision, which, was the last resort for us,” Livspace said, adding that it was an extremely difficult decision.

Livspace said the company will provide health cover to these 450 employees and their families for the next three months.

“Every confirmed employee who has spent more than 3 months at Livspace will receive extra pay proportional to the duration of their service. As a result, people will be receiving anywhere between one to four weeks worth of extra pay,” the statement said.

Published on May 25, 2020

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