Noida-based TV home shopping network and online commercial center, HomeShop18 has supposedly laid off near 200 of its staff.
The cutbacks incorporate workers across levels and were done with an end goal to cut down the cost of operations.
Media group Network18 had propelled HomeShop18 TV channel in April 2008 and its online commercial center HomeShop18.com in January 2011. It is supported by PE firm SAIF Partners with assets oversaw by OCP Asia. It likewise numbers South Korea’s GS Home Shopping as a key speculator.
As indicated by the most recent accessible budgetary articulation, Homeshop18 posted misfortunes of about $12.6 Mn (INR 84.2 Cr) for the period finished March 2016, compared with about $26.2 Mn (INR 174.9 Cr) in FY15. The organization saw a 13% drop in incomes to $58.5 Mn (INR 390.4 Cr) in FY16 against $67.27 Mn (INR 449 Cr) in FY15. It recorded more than 22 lakh exchanges for the quarter finished September 30, 2016.
The way toward laying off representatives began around two weeks prior. A source close to the development said, “The company employs 600 people in all, and is looking at reducing the staff strength by about 40%.”
Recently, Snapdeal terminated around 600 representatives. The organization in an announcement affirmed that it will justify ‘some portion of its workforce’ on its approach to turning into a beneficial entity in the following two years. The administration had likewise sent an interior mail, communicating that the founders Kunal Bahl and Rohit Bansal have passed on their purpose to take a 100% pay cut.
Earlier this month, Bengaluru-based Indian homestay network Stayzilla likewise suspended its operations.