Global News

After Firing 85% Staff, LeEco Says Won't Exit India Operations

After Firing 85% Staff, LeEco Says Won't Exit India Operations

LeEco, which has cut its headcount in India to 80 from 350 in December a year ago, will not exit the country, the spokesperson said. The company's advertising budget alone, for promoting its products and offering deals was around Rs 80 crores per month which led to cash exhaustion. Regarding the layoffs, Li stated that the company has reimagined and recalibrated its business in the country since 2016 and has taken the necessary steps to make sure that the operations are in sync with the resources.

The layoffs were initially reported by India's Economic Times, which claimed that 85 percent of staff had exited as a precursor to LeEco's total withdrawal from the domestic market.

LeEco has also responded to speculations around its product roadmap for India followed that were triggered after a relatively slower product launch frequency in last few months.

In an email sent to LeEco's employees previous year, company co-founder and head Jia Yueting spoke about how the company had emptied its coffers in an attempt to grab market share and expand its businesses at too rapid a pace.

Bloomberg had cited the billionaire chairman's letter likening the expansion to speeding blindly, causing cash demands to balloon.

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Li confirmed the exit of the two senior executives, but denied any plans to exit the market or liquidate stock.

"The Indian operations will undoubtedly adopt a laser- sharp focus on overall organisational efficiency, capacity- building and talent nurturing while remaining unwaveringly committed to maintaining a sustainable and profitable business model", LeEco said. Demonetisation also had a big role to play in the falling sales in the Indian market.

"India is one the most strategic markets for LeEco and hence there is no exit plan". It's yet to be ascertained if the company has any particular reason behind taking this decision, but for now, it seems like LeEco's future in the country hangs in the balance.

A former LeEco employee told BGR India, "The company was on a hiring spree till October a year ago that just a month before things nose-dived".


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