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Thursday, March 2, 2017

LeEco fires 85% India staff

LeEco has fired 85% Indian staff and also gave pink slip to two leadership. Two top executives: Atul Jain, chief operating officer of smart electronics business, and Debashish Ghosh, chief operating officer for Internet applications, services and content have resigned.

Jobs have been shed at both the Mumbai and Delhi offices that currently have skeletal staff, while the company is now firing people at the research and development centres in Bengaluru.

LeEco India chief operating officer Alex Li confirmed the exit of the two senior executives. He also said the company has recalibrated and reimagined its business in India since last year and has taken steps to ensure that the scale of operations is in sync with resources.

Also see: China to cut 5 lakh jobs in coal and steel sector

He also said, All businesses need to be profitable to be sustainable. That has been the primary objective in taking certain measures, though the numbers (of layoffs) indicated are incorrect. Xiaomi is strong online and Oppo-Vivo offline. So, LeEco found it neither here nor there. The R&D operation may remain for some more time since it does work for the US operations. But it will be downsized.

LeEco had entered India last February in a partnership with Flipkart and immediately caught consumer attention with an advertising blitz, spending as much as Rs 80 crore every month, offering great deals for smartphones and large-screen LED television sets. The company had said it sells the devices at no profit, since it planned to make money by selling content for the devices.

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