Exclusive: Vendease cuts 120 jobs in second round of layoffs
- Vendease has implemented its second round of layoffs in five months, impacting 120 employees.
- The layoffs represent 44% of the company's staff as part of a restructuring effort.
- Vendease is shifting towards a capital-efficient model while seeking to close a Series A extension round.
Vendease's restructuring and layoffs reflect the harsh realities faced by startups in Nigeria, where economic challenges necessitate a shift from growth at all costs to sustainable profitability. While the strategic changes may improve financial health in the long run, the immediate impact on employee morale and operational capacity raises concerns about the company's ability to navigate these turbulent times.
