livespace layoffs: Livspace lays off nearly half of tech, product roles in attempt to turn profitable

livespace layoffs: Livspace lays off nearly half of tech, product roles in attempt to turn profitable

Livspace, a home-design startup, has made the difficult decision to let go of nearly half of its technical and product roles in a bid to become profitable.

The move, which was announced internally Wednesday, affects about 150 employees, according to a person familiar with the matter. The layoffs come after the company had already cut 10 percent of its workforce in February to focus more on profitability.

The company, which provides a digital platform for interior designers and homeowners, said in a statement that it is “redeploying resources to focus more on profitability and growth” in order to remain competitive in the home-design space.

“We have made the difficult decision to reduce our staffing levels in order to bring our cost structure in line with our revenue,” Livspace’s statement said. “The decision was made after a thorough review of our business and its future prospects.”

The person familiar with the matter said most of the layoffs were in the product and engineering teams, and that the company is now taking steps to ensure it can operate more efficiently.

The layoffs come at a difficult time for the home-design industry. A number of startups in the space, including Houzz and Wayfair, have had to make difficult decisions in order to remain competitive.

Livspace, which was founded in 2014, has raised more than $90 million in venture capital. In its statement, the company expressed gratitude for the employees that have been laid off and said it would be providing them with severance packages.

In a memo sent to employees, Livspace CEO Anuj Srivastava said the company has “made some tough decisions to ensure we bring our cost structure in line with our revenue.” He added that the company is “committed to driving profitability and growth” and that “we will continue to invest in our core businesses and operations to drive long-term success.”

Despite the layoffs, Livspace said it will continue to focus on its mission to “make home remodeling simpler, faster and more accessible for everyone.”

While the layoffs are undoubtedly difficult, they represent an effort by the company to position itself for future success.

Livspace’s decision to implement a restructuring plan in order to become more competitive in the home-design space reflects the tough realities of today’s business landscape. The company’s commitment to investing in its core products and operations shows a dedication to long-term growth.