Thursday, March 30, 2023

MyGate, supported by Tiger Global, reduces headcount by 30%

In a second round of layoffs that took place over the past six months, MyGate fired 30% of its mid-management and junior staff members who were involved in internal operations.

Many sources verified to HappinessBharat that MyGate, a Bengaluru-based provider of apartment management software, has cut off 30% of its staff from teams in several locations during the past two weeks.

According to sources, the company, which is financed by Tencent Holdings and Tiger Global, fired a comparable number of workers in a prior wave of layoffs in December 2022. MyGate currently employs 400 people in total, down from almost 600 prior to the most recent round of layoffs.

One of the sources told HappinessBharat that while MyGate paid certain employees two months’ worth of severance compensation, it did not pay any severance to others. Most of the mid-managerial and lower-level personnel in the ground operations and community engagement platform verticals have been laid off.

“MyGate is succeeding, and we are aggressively recruiting to grow our workforce in specific regions. We have a high-performance culture, therefore occasionally we let go of workers who aren’t a good match for MyGate or if our needs and opportunities call for it, a corporate representative told HappinessBharat in response to specific questions.

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