Direct to Consumer (D2C) unicorn Mamaearth, which is slated for an initial public offering, has laid off employees from its parenting content platform, Momspresso. Mamearth has laid off 80-100 employees from the brand marketing vertical, according to sources.
In 2021, Mamaearth acquired a majority stake in the parenting platform Momspresso for ₹152.3 crore. Currently, Momspresso runs three business segments – a platform for user-generated content (blogs), brand marketing, and MyMoney, the influencer engagement platform of Momspresso.
Additionally, the company will be shutting down Momspresso, and MyMoney, later this month due to the latter’s mounting losses, according to sources.
The company refused to comment on a questionnaire prepared by BusinessLine at the time of publishing the story.