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DealShare deserts B2B biz, fires over 100 employees

Entrackr · 1y

Social commerce startup DealShare has decided to shut down its B2B arm and lay off several employees as it shifts focus to B2C offerings. The move comes after the CEO Vineet Rao stepped down. The company aims to be "relevant to its consumers in the market" and will realign budgets and teams accordingly. While the exact number of layoffs is undisclosed, it is reported that around 130 employees have been affected. DealShare, valued at $1.7 billion, experienced significant growth in FY22 but also reported increased losses.