House of brands unicorn Mensa Brands has laid off around 30 employees from India Lifestyle Network (ILN), which it acquired in December last year.
A Mensa Brands spokesperson told Business Standard in a statement, “ILN is committed to providing the best content to its consumers and industry-leading services to its client partners. To enhance efficiency post-integration, we restructured some teams that impacted a few positions. This activity affected less than 30 team members in ILN and there have been no layoffs in other parts of Mensa.
We are fully dedicated to supporting those affected by providing each of them up to three months’ salary, extended health insurance and support in finding new roles.”
ILN was part of Times Internet.
According to a Moneycontrol report, Mensa Brands has fired at least 200 employees across divisions, as business shows signs of slowdown. However, Mensa Brands denied any such layoffs.
In November 2021, Mensa Brands raised $135 million at a valuation of nearly $1.2 billion, making it the fastest Indian start-up to reach unicorn status.
