Pakistan's largest e-commerce company "Daraz" has joined the ranks of layoffs of global technology companies, planning to lay off 11% of its workforce.

(The picture is taken from Daraz official website)

[Financial Channel/Comprehensive Report] Foreign media reported that Pakistan's largest e-commerce company "Daraz" has also joined the ranks of global technology companies laying off employees, planning to lay off 11% of their employees.

According to comprehensive media reports, Daraz executive Bjarke Mikkelsen issued an internal memo on Monday (6th), stating that 2022 will be affected by many unfavorable factors such as the Ukrainian-Russian conflict, severe supply chain disruptions, soaring inflation, tax increases, and the cancellation of Pakistani government subsidies. Let the company's revenue growth slow down, in order to deal with the current market realities and ensure Daraz's long-term prosperity, the company will lay off 11% of its employees.

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In addition to layoffs, Daraz also said that it will refocus on its core business and stop any investment that does not fit the company's strategy in order to improve profitability and save costs.

Founded in 2012, Daraz was acquired by Chinese e-commerce giant Alibaba in 2018 and currently has presence in Pakistan, Bangladesh, Sri Lanka and Nepal.

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