Lummo Reportedly Laid Off the Majority of Employees
There is potential to change the company's business. In total, Lummo has obtained investor funds worth more than IDR 2,2 trillion
Lummo, a startup providing SaaS for business liaison, reportedly carried out large-scale layoffs this month. It is stated that there is a potential for 99-100% of employees to be furloughed. Nonetheless, the business entity continues to operate and is not in a state of bankruptcy.
A similar strategy has been used by startups quick commerceBananas last year the company changed its business under a new name but with the same legal entity and investors.
According to the info we received, there is a potential for business changes/pivots to be made by startups that acquire total funding of around $149 million (over 2,2 trillion Rupiah), including VC supported by Amazon Founder Jeff Bezos in a Series C funding round.
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