People Digest: Layoffs at bike-sharing startup Vogo, online retailer Koovs

The Vogo founding team

Bike and scooter-sharing startup Vogo has slashed 15 per cent of its total workforce or about 55 employees  in the past three months in a bid to cut costs and focus on profitability. Separately, online retailer Koovs Plc has let go of half of its staff.

Vogo lays off 15% of its workforce

Bike and scooter-sharing startup Vogo has slashed 15 per cent of its total workforce or about 55 employees in the past three months in a bid to cut costs and focus on profitability, according to a report in Entrackr.

While about 30 people were laid off from the hardware and IoT verticals, about 20-25 employees from the design, marketing, and product teams were asked to leave, the report added.

“Over the last two quarters, we have been able to introduce various industry-first innovations including Bluetooth-based keyless vehicles, vehicle quality based personalized recommendations, and RFID based helmet detection prototypes. Several such automation has led to an organizational restructure affecting about 40 employees,” the report quoted a Vogo spokesperson.

Koovs asks 140 people to leave

Online fashion retailer Koovs Plc has laid off half of its staff or 140 people across buying, and merchandising and marketing, The Economic Times reported.

“Koovs has successfully refinanced the business and refocused its business priorities, which included streamlining of some of its operations,” Mary Turner, CEO of Koovs, was quoted saying in the report.

Koovs was acquired by SGIK 3 Investments Limited, a company owned by its largest secured creditor and chairman Waheed Alli, after it failed to get additional investment from billionaire Kishore Biyani’s Future Lifestyle Fashion Ltd (FLFL), it said in a regulatory filing in December. In 2018, FLFL had announced plans to buy 30 per cent stake in Koovs for Rs 140 crore.

 

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.