Spinny Layoffs: Layoffs at Spinny, which has secured funding from Tiger Global; 300 employees out, this is the reason.

Tiger Global-backed used car retailing platform Spinney has laid off over 300 employees in a cost-cutting exercise. The layoffs were announced by co-founder and CEO Neeraj Singh during a town hall meeting on Wednesday. A fired employee wrote on LinkedIn that his tenure at the used car retailing platform was over.

He said, ‘I would like to announce that I have been fired from Spinney. My tenure here was very prosperous but short-lived. As bitter as it can be, it is. The employee wrote, “Life goes on.” Spinney has around 6,000-6,200 employees and the layoffs affect 5 per cent of the workforce. According to the company, it is merging its budget and luxury offering platforms – Truebil (Truebil.com) and Spinny Max (Spinny.com/max) with its master brand Spinny (Spinny.com).

The company said, “This business restructuring will strengthen our go-to-market business model, reduce costs and improve our margin profile, which will lead us to become a profit-making company.” Will impact around 4.5% of the total workforce as we consolidate our operations under a single brand.

According to the report, these layoffs are going to affect the employees of Spinney’s two subsidiaries, Truebill and Spinney Max. Following the layoffs, the remaining employees of the acquired companies will be merged under the Spinney brand.