iPrice Group lays off 20 per cent of employees

iPrice Group, which runs a slew of price comparison platforms in Southeast Asia, announced today it is laying off 20 per cent of its employees.

The layoffs are part of the group’s several measures to focus the business on its core mission, “to help people save money” shopping online.

The Kuala Lumpur-headquartered iPrice said in a statement that it would follow all contractual and legal requirements and is helping the retrenched staffers find new opportunities.

The decision comes three months after iPrice closed a US$5 million investment from Japanese Conglomerates Itochu Corporation and KDDI Corporation.

Also Read: Woowa Brothers injects US$1.5M into Malaysian shopping aggregator iPrice

“[The] iPrice team is a strong community, so it was a tough decision to reduce our staff in line with the refocus on our core business,” said group CEO Paul Brown-Kenyon. “With these changes, however, we are in a stronger position to deliver on our core mission to help people save money.”

iPrice Group operates under its own brand iPrice and through various partnerships with apps, such as SmartPay (Vietnam), GoRewards (Philippines), Home Credit (Indonesia) Visense (Singapore), Robinsons rewards (Philippines) and Boost (Malaysia). It also runs a site in Hong Kong.

Over the years, iPrice expanded the business to offer a full-suite white-label marketplace solution for super apps, including BNPL providers and recently started building its app to capitalize on the 100mn+ users who visit iPrice websites every year.

Globally, startups are going through a rough patch due to several reasons, including unfavourable market conditions. Recently, Tech In Asia reported that Indonesian edutech company Zenius let go of more than 200 employees, or over 20 per cent of its total 900+ workforce.

In India, several startups, such as Mfine (digital health), Vedantu (edutech), and Cars24 laid off hundreds of employees.

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