CO-LIVING startup Hmlet on Thursday laid off more than 20 employees in middle- and upper-management roles to cut costs amid financial woes, The Business Times has learnt. This represents about 20 per cent of its headcount.

Staff across most departments - including those holding roles in technology, operations and marketing - were affected.

The new management brought in by existing investors is looking to turn Hmlet’s fate around amid an environment deeply challenged by the pandemic. Sources said existing investors have committed more funds in order to extend the startup’s cash runway.