NEW DELHI: US-based software-as-a-service (SaaS) automation start-up Tekion has laid off about 10 per cent of its workforce, or around 300 employees, as part of a cost-cutting exercise, the media reported.
About 200 of the 300 employees affected by the layoffs were from Tekion’s India office, media reported, citing sources.
The company has offices in Bengaluru and Chennai, and the majority of its employees are based in India. As per the report, the layoffs affected employees from teams such as tech, sales, marketing, talent acquisition, and human resources. The start-up also confirmed the layoffs citing “changing macroeconomic conditions” as the reason behind it.
“Building a large-scale business while keeping our mission intact requires us to make tough, but important business decisions; mainly organisational adjustments to navigate through changing macroeconomic conditions,” Marylou Hastert, VP, marketing at Tekion, was quoted as saying. “This week, we have made the difficult decision to reduce a small percentage of our workforce in some areas of the business,” she added.
Tekion, founded in 2016 by Tesla ex-CIO Jay Vijayan, is a cloud-native SaaS platform that uses machine learning and AI to connect OEMs, retailers/dealers, and consumers on a single platform. The start-up provides a complete dealer management system that allows dealers to review vehicle inventory and service department metrics.