ISN Exclusive: Shark Tank-featured jeans startup Freakins fires 10% of its employees

While most would have imagined layoffs are a move of the past now, there has been a cost cutting drive in the Indian startup ecosystem. 

Advertisment

Denim maker Freakins — which also featured on Shark Tank and raised money from Sugar’s Vineeta Singh — has trimmed 10% of its workforce, sources privy to the developments have informed IndianStartupNews (ISN). 

The company has about 30-40 employees and 4 have been let go means the Mumbai-based company has reduced its manpower by 10%.  

The reason behind the layoffs was not known at the moment but capital is not the challenge, ISN has understood. 

Freakins chose not to reply to ISN’s mails. 

Freakins has raised over $7 million from Blume Ventures, Z47 and several others and was last valued at $25 million. 

The departures come as the fashion, D2C and apparel space heats up with several brands now over indexing on a phygital experience — meaning a combination of online and physical retail stores. 

Simultaneously, also, brands are joining the quick commerce wave which is proving to be an evolving environment for several brands including Freakins, which also shot to fame when Nikhil Kamath and Rhea Chakraborty were seen on a bike where the actress was seen sporting a pair of denims from Freakins.