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Indonesian Startup Sirclo Cuts Costs by 8%

Sirclo, an Indonesian startup that helps retailers sell online, has cut 8% of its workforce in response to challenging economic conditions. The company is taking steps to ensure its long-term viability in the face of an uncertain future.

November 23, 2022
3 minutes
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Sirclo, an Indonesian startup that helps retailers sell online, has cut 8% of its workforce in response to challenging economic conditions. The company is taking steps to ensure its long-term viability in the face of an uncertain future.

The internet firm will be making some big changes in the near future, according to Chief Executive Officer Brian Marshal. In a blog post on Tuesday, Marshal said that the company will be shifting its focus in order to ensure its long-term sustainability. These changes will be significant, and will likely have a major impact on the way the company does business.

The nine-year-old company had about 2,000 employees in January after acquiring Warung Pintar, which aims to digitize road-side kiosks. Both startups were backed by East Ventures. Sirclo will streamline the business unit that targets micro and small businesses and focus on larger enterprise clients. This will help the company to better compete in the market and continue to grow.

Unicorns, or startups with billion-dollar valuations, become "cockroaches" when tech funding dries up, according to a new report.The report, from research firm CB Insights, found that the number of unicorns globally has declined for the first time since 2015. In the first quarter of 2019, there were just 13 unicorns, compared to 22 in the fourth quarter of 2018.The report attributes the decline to a slowdown in funding, with VC investment in unicorns falling by 36% in the first quarter of 2019."Unicorns are no longer immune to the laws of gravity," the report said.The report's findings echo those of other recent studies, which have also found that the number of unicorns is on the decline.

Sirclo is the latest tech company to trim its workforce in Southeast Asia, as the region's digital boom appears to be slowing down. Sea Ltd. has cut about 7,000 jobs, or around 10% of its workforce, in the past six months, while Indonesia's GoTo Group is reducing its staff by 1,300, or 12% of the total.

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