Increff, a start-up funded by Wipro's founder, Azim Premji, is the latest to issue pink slips to its employees. The company has reportedly laid off 20 per cent of its total workforce, which comes to around 60 staffers. 

Business news platform Inc24 reported that the affected employees from tech, sales, customer success, and HR departments were part of the attrition round. The company has undertaken this exercise to cut short its expenses.

Increff's CEO and co-founder, Rahul Jain, stated that these layoffs were a move to regain the company's profits. The report says that the start-up will focus on its expansion plan in the markets of America and Europe.

These moves are expected to help the company achieve profitability at the earliest, without which Increff is unlikely to raise funds at its expected valuation. Increff registered Rs 85 crore revenue in FY 2022-23. 

Increff, founded in 2016, helps fashion brands and retailers optimise their inventory and enhance their sales through its inventory management and supply chain solution. Some of its clients include apparel brands Puma, Addidas, Bata, Levi's, Pepe, Celio, Gap and Benetton.

Wipro chairman Premji Funded Startup had raised $12 million in a Series B round, which saw the enthusiasm of the biggest investors, including Binny Bansal, co-founder of Flipkart.