Profitability drive, business pivot cited as reasons for CXA layoffs
CEO of insurtech startup says that only 12 staff in Singapore, out of a 319-strong regional team, have been laid off
Singapore
THE recent layoff of a dozen staff at CXA Group arose from investors wanting to see a "clear path to profitability", while the insurtech startup is seeking to raise US$50 million in Series C funds, chief executive Rosaline Koo told The Business Times in a phone interview.
On Tuesday, online news outlet Tech In Asia reported that CXA has laid off "dozens of employees", with one source specifying that the startup plans to retrench about 40 staff in the engineering, product development and marketing departments.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Startups
Vietnam education startup Prep bags US$7 million in Series A funding
Cruise operator Viking prices IPO within range to raise US$1.54 billion: source
Ninja Van axes more than 20 employees in tech team in Singapore
Temasek-backed PsiQuantum to build first commercial quantum computer
Fast-fashion giant Shein wants to sell skincare, toothpaste and toys, too
GoTo narrows Q1 loss to 420 billion rupiah with TikTok deal, cost cuts