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
Sharanya Pillai
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.
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