In Mumbai, the startup will operate in areas including Churchgate, Colaba, Lower Parel, Mahim, Marine lines, Matunga East, Mumbai Central, Worli and Nariman Point among others.
The company has reported Revenue from its operations as INR 24 thousand in the Financial Year 2014-15. Its Total Revenue stands at INR 44 lacs, the source for the remaining income being the interest received on VC funds parked as fixed deposits by the company.
Every company goes through its set of difficulties in its journey, and in my opinion, we are fortunate to see these hardships in our earlier days itself. It gives us a chance to adopt the learnings, imbibe the same in our business model and lay stronger foundations for the brand from a long term perspective.
CEO Harshvardhan Mandad told ET that the latest layoffs will largely be in sales teams at Delhi, Hyderabad, Chennai and Pune. This is the second round of layoffs after they recently cut 200 jobs in September. Mandad added that TinyOwl is currently testing a new operational structure in Mumbai and Bengaluru.
Other existing investors also participated in the round. The funding will be used by the food ordering tech platform to build a sustainable business model as the two year old company has been restructuring its business operations. Mumbai based TinyOwl plans to go app only in the future.
Unidentified sources told Live Mint that pressure from existing investors is forcing TinyOwl to restructure itself and cut operational costs. The sources also said that talks for a fresh round of funding with potential investors are being delayed because of differences over valuation.