Mumbai based LocalBanya has laid off almost 40% of its employees as it plans to change its business model. The startup is expected to change from its inventory-led, warehousing-centric model to become an online marketplace for groceries.
Also, as part of restructuring, the company will not accept any transaction for next two weeks so as to align the website with the new model. [source]
Founded in 2012, Localbanya had raised an undisclosed amount of funding from Shrem Strategies in March and used it for expansion across cities.