Tolexo may lay off 300 people

Tough times in the e-commerce sector seem to have claimed another victim, Tolexo, an online marketplace for business goods and supplies.

It is reportedly letting go of 300 employees, around 85 per cent of its work force, due to slowing business after demonetisation, sources said. However, the senior management says this is untrue and that they do not even have that many staffers.

However, sources insist the layoffs started after a 'town hall' meeting last week, in which the employees were told about the slump in company performance.

The company is apparently shutting down its online operations and would focus on a new,