The layoff saga in the Indian tech space continues as Gurugram-based contract management start-up SirionLabs has laid off 130 employees globally to keep its business on the profitability track. 

The development came after the company raised $25 million in funding in an extended Series D funding round led by Brookfield Growth. With that fundraising, SirionLabs completed its Series D round at $110 million. The company is in talks with Brookfield Asset Management to bag a $75 million investment at a valuation of $650 million, VCCircle reported. 

Founded in 2012 by Agarwal, Kanti Prabha, Aditya Gupta and Claude Marais, SirionLabs is known for providing artificial intelligence (AI) driven contract lifecycle management. It has claimed to manage five million contracts for its 250 clients in multiple geographies. 

Addressing the layoffs, Hiro Notaney, chief marketing officer at SirionLabs, said,  “We are positioning the company for long-term profitable growth based on sustainable cost structure. We are realigning our resources to achieve that goal,” 

Our immediate priority is to support our colleagues who are leaving SirionLabs. The support differs based on location and applicable local laws, but our aim is to ensure that everyone receives a similar level of support,” he added. 

Last year, Indian tech start-ups witnessed massive hardships. Due to the so-called ‘funding winter,’ unicorns and decacorns were seen to cut down their employee bandwidth. In October, edtech giant Byju’s announced its plans to rationalise its 50,000-strong employee numbers by five per cent. Unacademy, another edtech enterprise, fired nearly 1,100 staff. Overall, nearly 20,000 people lost their jobs in the tech space. 

Till now, this year has not offered any difference. More than 20 start-ups laid off over 1,500 employees in January 2023. Swiggy was accountable for the largest layoffs this year, as it handed pink slips to more than 350 workers.